Part 4/13:
The crypto ecosystem has matured far beyond its early days of straightforward buy-and-hold and spot trading. Today, continuous innovations in derivatives, futures, ETFs, and institutional products have created a highly intricate financial landscape. Notably, platforms like Bitmex promoted perpetual swaps with leverage of up to 100x, transforming retail trading into strategic, sometimes perilous, gameplays that can “nuke” the market.
Institutions like MicroStrategy, led by Michael Saylor, and publicly listed companies holding Bitcoin have shifted the narrative from mere speculation to corporate treasury management. These entities focus on risk-adjusted returns and long-term accumulation, contrasting sharply with earlier frenzies driven purely by demand and FOMO.