- Hana Bank just bought $670M of Dunamu - the parent of Upbit. - Fannie Mae started accepting crypto as collateral for mortgages last week. - Clarity Act cleared the Senate Banking Committee 15 to 9 yesterday. 3 banking-side events in 7 days. The institutions stopped buying BTC through ETFs. They started buying the rails. What this means: another signal that this cycle will be driven by specific narratives, not BTC beta. - Stripe paid $1.1B for Bridge - PayFi narrative is up. - Coinbase paid $2.9B for Deribit - on-chain derivatives narrative is up. - BlackRock's BUIDL fund crossed $2B in tokenized treasuries - RWA narrative is up. The max trade every cycle is the same. Last cycle the biggest returns didn't come from holding BTC. They came from people who farmed Arbitrum and Optimism before the airdrops landed. Who held HYPE points before Hyperliquid had a token. Who loaded ZEC before privacy became a thesis. Who found Polymarket early. Who bought VIRTUAL and ai16z before AI agents were a sector. Who spotted WIF and other solana memes before szn started. Same trade. Different names. This cycle will be the same. Predict the narrative early -> Position before crowd arrive -> Exit when every timeline is screaming about it -> Rotate into the next thing while it's still small -> Repeat. I wrote down more on this topic: the full playbook on how to maximize your returns this cycle in this article:(𝗰𝘆𝗰𝗹𝗼𝗽)