The Bitcoin bear market is here. The failed launch of the Bitcoin Strategic Reserve made it clear that there was never any intention to buy anything other than seized BTC. Meanwhile, the institutional demand narrative has collapsed, as seen in record ETF outflows. There are no narratives left—every last one has burst. Bitcoin maximalists thrive on luring new retail money into the bubble by creating illusions, but they’ve run out of tricks. Bitcoin is heading for a multi-year bear market, plunging to lows once thought impossible. If you’re invested, I strongly recommend selling everything now and, if you choose, buying back after an 85%+ drop.