By Eliezer Ndinga and Karim AbdelMawla

Bitcoin and crypto markets just had a rough few weeks. Prices fell sharply, liquidity tightened, and leverage got wrung out of the system. Now the question is whether this was a structural break or a necessary reset.

There are two ways to read what happened. The bearish case says the infrastructure is cracking, users are leaving, and capital is rotating out for good. The bullish case says this was overleveraged positioning meeting broader macro volatility, not a crypto-specific meltdown.

We lean toward the second view. The plumbing worked, settlement didn’t fail, and usage didn’t collapse. What collapsed was speculative froth that, frankly, needed to go. That said, conditions are fragile, and negative…