News Digest: Shrinking Crashes & a $100M Bond

Two stories stand out from the noise today. First, a CoinDesk piece notes Bitcoin's drawdowns are getting shallower. Wall Street is noticing. This is a subtle but important shift in the market's character—it's maturing, even in extreme fear.

The other is a concrete sign of that institutional creep: New Hampshire is issuing a $100M bitcoin-backed bond, rated by Moody's. It's speculative grade, but the fact it exists at all is telling. Meanwhile, hack losses hit $52M in March. The old risks haven't gone away.

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