After an explosive two-year run that pushed Bitcoin to new heights, the tide has turned. In our latest interview, renowned investor and Morgan Creek Capital founder Mark Yusko breaks down why he believes we’ve officially entered a Bitcoin bear market — and why this one may look very different from the brutal winters of the past.
According to Yusko, the key to understanding what’s happening now starts with Bitcoin’s (BTC) fair value. Using network-based models such as Metcalfe’s Law, he argues that Bitcoin reached only modestly above fair value during the recent peak — far less exuberant than previous cycles. That alone, he says, suggests any correction we face is likely to be milder.
But that doesn’t mean the market won’t feel cold. In the interview, Yusko details the forces pushing Bitcoin downward: a slowdown in new buyers, OG wallets finally taking profits, and heavy pressure from futures markets that historically…
