Bitcoin Just Lost Its $2T Status—But Here's the Contrarian Take

BTC got absolutely wrecked these past 6 weeks. Down 30% from October's peak above $126K, Bitcoin's market cap has tumbled from $2T+ (ranking 6th globally, just behind Amazon) to around $1.7T. Brutal? Yeah. Game over? Not quite.

The real story isn't the selloff—it's what happened before it. Bitcoin went from fringe asset to mainstream portfolio staple. BlackRock's iShares Bitcoin Trust ETF (IBIT) has sucked up $67B since launch in Jan 2024, holding 776K BTC (~4% of circulating supply). Even mega institutional money couldn't kill the rally fast enough.

Here's the thing: This is Bitcoin's first real downturn in its "establishment phase" post-FTX implosion. The 3x run in under 2 years was probably overextended. But the fundamentals? Still solid. Bitcoin's playing the long-term store-of-value game now, not trying to replace Visa.

For retail investors, IBIT offers a clean on-ramp through your brokerage or IRA—no wallet drama, no tax headaches. Downside: 0.25% expense ratio ($25 per $10K), and you lose direct transfer flexibility.

Bottom line: If you're treating Bitcoin as a 10+ year hold, this dip might be your entry point. Just don't panic-sell at the bottom.