Ryan Rasmussen

Bitcoin’s latest bear cycle produced a roughly 55% drawdown, far less severe than prior collapses of 70% to 80% or more. Market participants say spot ETFs, professional rebalancing and bitcoin’s larger market size may be reshaping both downside risk and upside potential.

Bitwise Head of Research Ryan Rasmussen says investors may be underestimating Circle as stablecoins expand from roughly $300 billion toward a multi-trillion-dollar market. He argues Circle’s long-term opportunity could extend beyond reserve revenue into payments infrastructure, including its Arc blockchain.