A $25 Billion Bitcoin Bet Is Fraying as Doubt Hits Big Buyers

For much of the year, institutions were the backbone of Bitcoin’s legitimacy and its price. ETFs as a cohort took in more than $25 billion, according to Bloomberg data, pushing assets as high as roughly $169 billion. Markus Thielen, chief executive officer at 10X Research and a former portfolio manager at Millennium Management LLC, sees mounting signs of fatigue.