Bitcoin's recent drawdown shows a 'maturation' of the asset, says Anthony Pompliano

Market Trends & Volatility - Bitcoin's volatility is decreasing due to institutional adoption, suggesting a maturing market [2][3][5][6] - Extreme price swings (e g, 85-90% drawdowns) are becoming less likely [4] - Bitcoin has transitioned from a contrarian to a consensus trade [5] Investment & Holder Base - The holder base is shifting from primarily retail investors to include more institutions and public companies, impacting selling behavior [6] - Capital is fracturing as investors optimize for different aspects like yield, infrastructure, and the underlying asset, contributing to muted volatility [13] - Some Bitcoin holders are converting to ETFs for security reasons [14] Price Predictions & Market Outlook - While Bitcoin may reach $1 million in the future, it's unlikely in the current cycle [8] - At $112,000-$113,000, Bitcoin is considered oversold [8] - September and October are historically favorable months for Bitcoin, potentially coinciding with increased VIX volatility [9] - Speculation on a Federal Reserve interest rate cut and buying activity from Bitcoin treasury companies may drive price increases in late August/early September [11] Alternative Investments - Some investors are moving from Bitcoin to Ethereum or investing in stablecoin companies like Circle [12] - The idea of "blockchain, not Bitcoin" is largely disproven, with Bitcoin remaining dominant [12]