Bitcoin's Identity Crisis or Evolutionary Shift

Bitcoin's recent price performance has led to concerns about its identity crisis. A Bloomberg report highlighted that the cryptocurrency's price has retraced by approximately 40% from peak levels, with softening dip-buying demand and emerging short-term outflows from spot ETFs.

This development has led some analysts to question Bitcoin's long-term utility beyond speculation. However, network fundamentals tell a different story. Hashrate remains near all-time highs, the Lightning Network capacity continues to grow, and cumulative spot ETF inflows exceed $50B+.