On Friday morning, before the post-Jackson Hole rally lifted most risk assets, bitcoin was trading below $112,000 — its lowest level since early August. Since then, it also hit an all-time high close to $125,000 just last week, validating what many bitcoin proponents had anticipated as institutional investors stepped into the asset: drawdowns following a new record would get smaller. "This current bitcoin bull run certainly stands out and reveals a lot about crypto's evolution as an asset class," said David Duong, head of institutional research at Coinbase. "Both the rally year to date and the trend of progressively smaller drawdowns has a lot to do with the growth in institutional demand, supported by greater regulatory clarity." On Aug. 14, bitcoin hit its fifth record of the year at $12

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