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It's Friday. This week, Bitcoin dropped another 4%, sliding from 77k all the way down to 73.6k.
Honestly, there's no suspense in the market. More declines than rebounds, and the rebounds are getting weaker, which is a bit frustrating. But the interesting part isn't in the price.
FalconX quietly filed for an IPO. Calamos is pushing a "principal-protected" Bitcoin ETF. One is going public, and the other is selling insurance to people in a bear market.
Institutions aren't scared off by the price; they're building infrastructure. Launching an IPO in a bear market—I'm impressed by their courage.
DeFi's total value locked (TVL) has dropped by 20 billion, and the Ethereum Foundation is fighting internally again.
That's what a bear market looks like: unwinding leverage, resetting narratives, and shedding those who can't hold on.
This weekend, watch one thing: can 73k hold? If it breaks, it will be even harder to tell the story.