Bitcoin's future as revolutionary as the smartphone, according to CoinDesk
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- Bitcoin is down almost 50% from its Oct. 6, 2025 all-time high of $126,279 and off roughly 2% on the holiday week, dipping back into the $63,000 range after briefly crossing $65,000 on Monday.
- David LaValle, CoinDesk's president of indices and data, compared Bitcoin to the smartphone on CNBC's "ETF Edge" — saying early adopters didn't dismiss the device just because it couldn't solve every problem on day one.
- LaValle framed the current "crypto winter" as a sentiment shift from past downturns, saying investors are now asking "when do I get back in" rather than "whether or not there's a future," calling it "a point of credibility."
- Todd Rosenbluth of TMX VettaFi noted the iShares Bitcoin Trust ETF (IBIT) recently crossed into net outflows, but said investors were still buying IBIT through the initial downdraft — a sign of holding conviction he called "encouraging."
- A VettaFi survey of 104 financial advisors in early May found nearly half of clients were watching Bitcoin from the sidelines while 22% were actively investing or building positions in digital assets.
- Major Bitcoin ETFs IBIT and Grayscale Bitcoin Trust (GBTC) are both down 40% over the past 52 weeks, reflecting the magnitude of the drawdown even as some investors accumulate.
Why it matters: Bitcoin's roughly 50% drawdown from its $126,279 October peak has wiped out large ETF holders — IBIT and GBTC are each down 40% over 52 weeks — but the shift in investor language from "is crypto viable?" to "when do I re-enter?" suggests institutional conviction is hardening rather than breaking, which could accelerate the recovery if sentiment turns.
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