Crypto Long & Short: Infrastructure is the prevailing currency in digital assets

Authors argue that infrastructure—not any single coin—is the prevailing store of value in digital assets, meaning capital and talent will increasingly flow into exchanges, custody, settlement and developer tooling that reinforce Bitcoin’s network effects. CoinDesk/Liquibit data shows June forced selling peaked near $68,000 days before Bitcoin’s bottom, implying liquidations amplified the drawdown but capitulation occurred ahead of the price trough. Together, this suggests stronger infrastructure and better liquidation/custody mechanics could reduce future volatility and support Bitcoin’s long-term demand.