Watching a massive tulip bubble pop is a fascinating activity. I wrote back in mid-May, when Bitcoin ($BTCUSD) was trading around $30,000 that it was an example of evaporating wealth, along with other tulip-manias of 2020-2021 like SPACs. As I noted at the time, “Retail investors have puked and gone uber-bearish because they have just been destroyed. As a result, retail buying power is nil, and no matter how bearish they become, the money flows just aren’t there.”