25 Years on Wall Street, Now Crypto: GSR’s Baehr Sees a New Bitcoin Regime

GSR partner Baehr, drawing on 25 years on Wall Street, argues Bitcoin is entering a new regime driven by rising institutional participation, more sophisticated derivatives markets, and evolving market structure. He believes these forces are changing volatility and liquidity dynamics, moving Bitcoin toward behavior more like a traded macro asset than a purely retail-driven speculative instrument. The key implication is that Bitcoin’s maturation could produce firmer price floors and sustained institutional inflows, altering trading strategies and long‑term valuation frameworks.