WHY CAPITAL IS LEAVING BITCOIN

Summary from the TLDR Crypto newsletter

Bitcoin functioned as a regulatory battering ram that survived where E-gold failed by removing centralized attack vectors, but its three trillion dollar valuation collapses now that tokenized US stocks, gold, and stablecoins are legal with several hundred billion in market cap. The monopoly dissolved as stablecoins migrated from Bitcoin to Ethereum to Tron treating blockchains as disposable plumbing, while Nasdaq outperformed Bitcoin over four-year cycles as risk premium vanished and developer commits plunged to 2017 levels. People prefer Tether's ability to freeze stolen funds and recover misplaced tokens over Bitcoin's permanent irreversibility, revealing the market wants powerful rails with error correction rather than pure code-is-law decentralization.