How crypto’s promised year-end fireworks turned into a bloodbath
Crypto was supposed to go out with a bang this year.
Heading into the fourth quarter, bitcoin was riding a wave of strong ETF inflows, digital asset treasuries (DATs) pitching themselves as leveraged bets on the next leg higher, and analysts dusting off charts showing the year’s final three months as crypto’s most reliable winning streak.
Add in the promise of looser monetary policy and a friendlier political backdrop in Washington, and many investors convinced themselves of bitcoin heading to fresh record prices into the end of the year.
Instead, here’s what happened: A $19 billion liquidation cascade in October blew a hole in liquidity, spot altcoin ETFs failed to offset selling pressure, and the new crop of treasury-heavy crypto…
