When we see the market turn lower, we tend to see a flight to quality. This is true in the equity market and similarly true in the crypto market, where the quality is referring to bitcoin. While there are no truly "defensive" assets in a generally offensive asset class, historically bitcoin has offered the greatest amount of protection in downtrends. And before we think about the next bull market, we need to consider any potential headwinds that crypto may face, and what may signal potential positive returns.