If you're paying attention, you can see why price action like we are seeing here today isn't like that of a four year cycle. the useless alts are dead, they have no bid. The strong alts (there's probably 2) are outperforming BTC on the way down. One has an ideological reason, the other has cashflows. hyperliquid

that being said, it feels like time has come to pay for the DAT sins of months past. Many asset managers entrusted other "asset managers" to deliver marginal premiums over base asset price appreciation. Now watch as they sell the base asset that made the stock valuable, all while stock prices do not go up.

BTC PA is driven by offshore selling, likely a forced seller or two post 10/10, year end tax harvesting, and [price+time] based capitulation. It is harder to estimate where we are at on the time-based capitulation timeline, as that changes as sentiment improves. seeing ppl calling for 65k, some 75k. Perhaps. Perhaps not. But does it matter? The asset class is now set in stone.