Crypto spent the decade maturing from a speculative fringe into an institutional asset class, but the path ran through some of the most spectacular booms and collapses in modern finance. This page collects Khan Capital’s coverage of digital assets, from the arrival of spot ETFs and institutional adoption to the algorithmic-stablecoin and exchange failures that tested the entire ecosystem. Each section links to our detailed analysis.
Latest in this story
The June 2026 Crypto Deleveraging · 10 Jun 2026
The institutional era
The structural shift was institutional capital. Bitcoin’s institutional adoption moment in 2020 set the stage; the approval of spot Bitcoin ETFs opened the floodgates; and the milestone arrived as Bitcoin surged past $100,000 into a genuine institutional era.
Boom and bust cycles
Crypto’s volatility never left. The $69,000 peak of peak euphoria marked one cycle top; a Bitcoin flash crash showed how fast leverage unwinds; and the June 2026 deleveraging below $60,000 tested conviction once again.
When crypto broke
The failures were structural, not incidental. The $60 billion Terra/Luna collapse exposed the fragility of algorithmic stablecoins, and the FTX collapse revealed the fraud at the heart of one of the industry’s largest exchanges.
The through-line
The common thread is the tension between crypto’s institutional maturation and the leverage and opacity that still drive its booms and busts. We update this hub as the asset class evolves; the latest analysis always appears first on our analysis page.