Ed Ludlow

It could be to the upside, but to the downside as well.

But now we saw Bitcoin kind of steady, which is great because it's now hovering around $69,000, which is a big sigh of relief.

Last week, it dipped below as much as $60,000.

And that 16% decline was a lot because there's a gauge of implied volatility index.

It jumped to 97%, which is the highest since the Sandbank Manfred FTX days in 2022.

But beyond the price movement, I think it's really just about a reckoning.

What is Bitcoin?

Is it a hedge against inflation, a hedge against centralized government, a hedge against the dollar?

And I feel like a lot of people are feeling confused.

We are seeing some inflows, at least with U.S.

It's a structural change.

It's a philosophical change.

I want to dip more into the structural because we know that Bitcoin is kind of being institutionalized.

And this may in itself be the problem because on October 10, fondly known as 1010, that's when we saw billions of dollars liquidated because of leverage and derivative trades.

And last week, we also saw the same $2.5 billion in forced liquidations, according to Coinglass.

Well, Isabel pointed to the maturation of Bitcoin.

And while we have a very friendly administration, a lot of that was priced into that run-up that we saw

to the $126,000.

And we're really seeing Bitcoin act more like a risk asset these days rather than that digital gold narrative that we saw in the earlier days of Bitcoin.

And I'd also point to, there's a market structure bill previously known as the Clarity Act,