THE BULL RUN IS OVER. That’s what they’ll tell you. Meanwhile: – BTC is still massively higher than the last cycle lows – Spot ETFs hoovered up more BTC than miners can produce – Big funds that laughed at crypto in 2018 are now allocating quietly – Real infra (L2s, RWAs, AI x crypto, restaking) is actually shipping – On-chain volumes and stablecoins are now part of global liquidity – Governments are writing full crypto regulations instead of pretending it doesn’t exist – Smart devs are leaving FAANG to build in Web3 full time – Every cycle more people’s “retirement plan” includes BTC + a few high-conviction alts Yes, we’ll get drawdowns. Yes, we’ll get “it’s over” headlines. But zoom out and compare this “dead market” to 2014, 2018, 2022. The foundation is 10x stronger. The pipes are 10x bigger. The capital is 10x smarter. …but they say the bull run is over, right?(CyrilXBT)