As an attorney who’s advised companies in the digital assets space for over a decade—and among the first to accept bitcoin as payment for legal services—I’ve been getting a lot of questions lately about the recent and dramatic loss of value across virtually all crypto assets. In the midst of macro uncertainty about global peace, tariffs, financial markets, unemployment, inflation, the Tennessee Titans, and a creeping malaise, the diminished market value of cryptocurrencies in general and bitcoin specifically are remarkable. Those macro issues are at least partially responsible for the current bear market, but the prolonged downcycle that began on October 10, 2025, is defying what were once thought to be…