In crypto, every cycle has heroes that power the bull market cycle. These are no ordinary heroes! These are a special type of hero! THESE ARE LEVERAGED HEROES. Only thing is that the market hates leverage and so these same leverage heroes are destroyed and eliminated in the brutal bear market cleansing! The bigger they were in the bull market, the more leverage they created , the more brutal the collapse in the cleansing. And only when the leverage is totally gone , the new cycle begins.... "Leverage" is not only borrowing from exchanges. It is he creation of new funds without a 1:1 backing! It's always the same: 1.Assets appeared larger than they really were. 2.Confidence attracted more capital. 3.Rising prices validated the structure. 4.Falling prices exposed the mismatch. 5.Collapse destroyed purchasing power. Last cycle, - Do Kwon created a $40bn leverage from printed money. - SBF leverage his client funds into a private VC fund. - Alex Mashinsky leveraged his client funds into more leveraged client funds. - Kyle and Zhu Su leverage their investor funds! This Cycle's leveraged heroes... Saylor? - He leveraged his MSTR stash to promise 11.5% a non- yielding asset. Tom Lee?- He is now starting to leverage 5% of the ETH supply (more responsibly) with a pref. Just look for the leverage and when totally gone and there is NOTHING left to squeeze, thats when the bear market will be over and the new leveraging cycle will begin.(Ran Neuner)