Bull Case for Bitcoin Is Hiding in the $1 Trillion Wreckage (2)

Bitcoin has been cut almost in half since its October high. By almost every measure, the selloff is the worst since the collapse of FTX. But there is a puzzle at the center of the wreckage: the institutional scaffolding that was built around the coin during the boom hasn’t come down with it.

The ETF money has mostly stayed. Wall Street is still in. And while some tactical investors have headed for the exits, the longer-term holders have proved harder to shake loose. That disconnect between price and market resilience is fueling a contrarian bull case that selloff has ...