Bitcoin is down roughly 36% from its all-time high, yet the historic playbook calling for 77% to 85% drawdowns may no longer apply. Has institutionalization through ETFs fundamentally changed Bitcoin's bear market anatomy, or does the floor only hold until macro conditions turn?

Several leading institutions have concluded that tokenized real-world assets represent the next structural layer of capital markets. The question is no longer which technology makes this possible, but which institutions control the rails it runs on.