Something is very different about this cycle. Every previous cycle had a blow-off top. This one hasn't. Nothing really got overbought. So if we never got the typical bull market...why would we get the typical bear market? The macro backs this up. PMI positioning is completely opposite of where it was during the last two bear entries. And then there's Midnight. A regulated UK bank is tokenizing $250M in retail deposits directly on chain. Insane news for the day! I really do not think this cycle is going to follow the old playbook. We will see.(Dan Gambardello)