from a macro view, 2025 looks like bitcoin’s ipo phase, heavy whale selling met with steady etf and corporate buying, pushing ownership into true decentralization. the etf inflow data backs this up: 35.2b at the end of 2024, 60.4b by nov 4, 2025, up 71% yoy. the old four-year cycle has been replaced by a liquidity cycle, with the next phase stretching into 2026-2027. the fear and greed index dropped to 23, yet there’s been no net capital outflow, proof of how insensitive institutional money has become to sentiment. policy tailwinds are kicking in. the stablecoin genius act is live, and new bank capital rules may ease before 2026. monetary policy is shifting too. the fed’s dot plot points to 100-125 bps of total rate cuts by the end of 2026. everything’s lined up. why we keep fuding ourselves. ignore the noise.(Yishi)