Prof G Markets Bitcoin Erases 2025 Gains as Crypto Bear Market Deepens
4 snips
Nov 18, 2025 
Luke Kawa, markets editor at Sherwood News, breaks down Bitcoin's dramatic sell-off, highlighting that it mirrors a leveraged tech bet rather than a safe haven. He discusses the impact of ETF outflows and psychological levels on crypto's performance. Bill Cohan, founding partner of Puck News, shares insights on the Warner Bros. Discovery auction, detailing potential bidders like Comcast and Netflix, while predicting a split sale if no strong offers arise. The conversation wraps up with Berkshire Hathaway's significant $5 billion investment in Google.
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Bitcoin As A Speculative Tech Proxy
- Bitcoin's recent plunge reflects a return to being a speculative, momentum-driven asset rather than a reliable store of value.
- Market dynamics like ETFs outflows and leveraged institutional positions amplified the decline.
Store-Of-Value Narrative Is Fragile
- Bitcoin's 'store of value' narrative lacks empirical support during sell-offs and changes with regimes.
- Expect its price to follow risk appetite and tech/leverage cycles rather than safe-haven logic.
Altcoins Mirror Speculative Stock Behavior
- Highly speculative altcoins behave like speculative stocks: extreme moves on the way up and violent washouts on the way down.
- They can revive quickly if risk appetite flips, so their demise isn't guaranteed.