Overview
- Bitcoin has fallen more than 25% from its October record, wiping out its year-to-date gains.
- Spot bitcoin ETFs logged sizable redemptions in recent weeks but still show roughly $22 billion in 2025 inflows.
- The asset’s stress performance was inconsistent, rallying during April’s tariff-related market turmoil but sliding harder than equities during the later tech-led selloff.
- Market commentary points to extensive leverage in crypto trading as a key driver of the downturn’s severity.
- Nate Geraci says bitcoin could mature toward gold-like behavior over time, yet he views its store-of-value status as unproven today.