New report from Fidelity Digital Assets suggests bitcoin’s classic four-year cycle may be breaking down. What’s happening: • Volatility falling even as prices hit new highs • ETFs + public companies now hold ~12% of BTC supply • Market metrics show far less speculative excess Example: the Puell Multiple — which compares the value of BTC mined today vs the past year’s average miner revenue — has stayed near ~1 this cycle, far below the spikes seen at prior market tops peaks(Frank Chaparro)