Welcome Avatar! We’re getting close to the time based capitulation that historically happens in crypto. With that in mind, we’re going to highlight how concentrated the industry is getting. It feels like retail isn’t here because they don’t even own a single BTC anymore (yes seriously). While we recognize on-chain data is a proxy, it is still pretty useful to see what has happened over the previous cycles.
In the background, despite how annoying the bear market has been, institutions are still building. This is the more important signal that this was just another cycle. We’ll go over all of that and get positioned for 2027-2029.