This dip has nothing to do with the largest crypto exchange in the world getting hacked for $6.3 billion, Binance recently still trying to get withdrawals fully reopened, all the talk of a black swan, the war with Iran, the U.S. blockade, Trump saying he’s done looking for a deal, or oil trading at just under $90 a barrel. Nothing to do with Jensen Huang stepping down after 33 years at Nvidia, the stock dropping 14% at Thursday’s open, AMD and Broadcom selling off Friday, or Wall Street heading into Nvidia earnings on Tuesday wondering who’s going to run the company that’s been carrying the AI trade. Nothing to do with inflation coming in hotter than expected, wholesale prices up 6.5% in a year, the market putting a half-point Fed rate hike on the table for December, the dollar hitting a 19-month high, or the 2-year Treasury yield making its biggest weekly jump in over two years. Nothing to do with more than $1 billion coming out of spot Bitcoin ETFs for the second week in a row either. Or $718 million in leveraged crypto longs getting wiped out in four hours. It’s all because of the 4 year cycle!