(Bloomberg) — A year ago, crypto was riding a wave of White House support, Wall Street enthusiasm and expectations of a new golden age. Then came October’s historic crash, wiping out a record $19 billion in leveraged bets in a single day, setting off an industry-wide retrenchment and exposing the fragility of a market structure supposedly coming of age.

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Twelve months later, market bellwether Bitcoin remains more than 30% below its record high. Attempts at a sustained rally have repeatedly faltered and traders have been slow to rebuild the leveraged positions that once powered crypto’s biggest booms.

Total open interest in Bitcoin-linked perpetual futures — a gauge…