$BTC Is the "Era of Speculation" in the crypto industry coming to an end?



Galaxy Digital's CEO believes that the current downturn is not just a correction but a structural shift in the industry.

What’s happening:
• BTC has decreased by 21% since the beginning of the year, nearly 50% from the October 2025 peak.
• There is no clear trigger, unlike the FTX collapse.
• But the market is still digesting the October liquidation of $19.3 billion, which wiped out 1.6 million traders in a single day.
• Retail investors are not in it for 11% annual returns. They want 10x or 30x gains. But now institutional players with a different risk profile have entered the sector.
BTC-4,11%
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