After two years of explosive growth that pushed Bitcoin to new highs, the market sentiment has shifted. In our latest exclusive interview, renowned investor and founder of Morgan Creek Capital, Mark Yusko, delves into why he believes we have officially entered a Bitcoin bear market—and why this "winter" may be distinctly different from previous brutal cycles.
Yusko states that the key to understanding the current situation lies in Bitcoin's fair value. He points out, through a model based on network effects (such as Metcalfe's Law), that Bitcoin was only slightly above its fair value at its recent peak—far from the frenzy seen in previous cycles. This fact alone suggests that this round of adjustment is likely to be more moderate.
However, this does not mean the market won't feel cold. Yusko elaborated in the interview on the multiple forces suppressing Bitcoin's price decline: the slowdown of new buyers, "OG wallets" starting to take profits, and the immense pressure from the futures market, all of which have historically limited price rebounds and accelerated declines.
Nevertheless, he insists that this is not a simple replay of 2018 or 2022. Unlike previous cycles, the broader macro environment, reduced leverage levels, continued institutional entry, and the ongoing devaluation of fiat currencies all provide tailwinds for the long-term trend, even if short-term volatility returns.
More importantly, Yusko also discussed Bitcoin's position in the long cycle of technological adoption. He believes we are deep in the stage of "then they start to resist you," where vested interests are pushing back against the rise of decentralized finance. But as he stated, superior technology will ultimately prevail.
In this conversation, Yusko provided clear guidance for investors, sharing his outlook for the next cycle and the irreversible trajectory he envisions for Bitcoin over the next decade.
Feel free to visit our YouTube channel to watch the full interview and gain deeper insights into what this new bear market means and why the long-term narrative remains incredibly strong.
Related: The U.S. Securities and Exchange Commission (SEC) did not specifically mention cryptocurrencies in its 2026 review focus.
Original: “The Crypto Winter is Here” — Mark Yusko Explains What Comes Next
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