NEW NOTE: Conviction over Speculation There are two ways to read Bitcoin and crypto markets. 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 sentiment hasn't turned. For example, China, the world's second-largest economy, structurally shut out from Bitcoin exposure, creates a persistent demand overhang. It reinforces a fragmented regulatory landscape and underscores that digital assets remain politically contested despite Bitcoin operating on a global, permissionless infrastructure. Read more below https://www.21shares.com/en-us/research/conviction-over-speculation-the-long-game-for-bitcoin-and-crypto-begins(Ξliézer Ndinga)