Algos treating bitcoin like SaaS.



Relatively few new retail investors came in this cycle. Meanwhile, altcoins exhausted basically every possible narrative for why they should exist and are set to more persistently fade into irrelevance, with most of them not even really reaching new highs this time. Bitcoin separated from the pack for the most part, but had trouble catching a sustained bid nonetheless.

-Some institutional investors are indeed spooked by the quantum risk. That had a nonzero impact, and I have really good sources on that. But if quantum was the main catalyst for the underperformance as some like to argue, then there'd most likely be a big performance gap between bitcoin (hard to upgrade) vs more centralized altcoins (easy to upgrade) that are marketing quantum resiliency roadmaps. That's not happening, though, which largely disproves that as the main culprit.

-Most institutional investors I've looked into have little knowledge or even awareness of the spam issue, version wars, fork wars, etc.

-Biggest factor seems to just be a combo of 1) buyer exhaustion (lack of retail, lack of sovereigns, leaving basically a corporate play this cycle) and 2) weighed down by the more permanent stagnation of altcoins (which is good in the long run but a headwind here, because there is a lot of cross-ownership between them and bitcoin).