Part 7/12:
A compelling discussion revolves around whether today’s conditions might make the next downturn different. The debate hinges on structural changes in the market:
Pro: Launch of spot Bitcoin ETFs, more extensive regulation, institutional adoption, and democratization of access via on-chain exchanges could mean a different, potentially shorter or less severe bear period.
Con: Despite these changes, the fundamental anatomy—leverage, forced liquidations, large-scale project failures—remains. The concentration of liquidity within large firms and retail investors still poses risks of rapid cascades causing steep declines.