Thanks for the explanation. It seems like this will work right up until it doesn't. Looking forward to seeing some bodies hit the ground some months post-halving when the bull hits its stride. Seem like most of the volatility is coming from risk-on moves, while most of the gains are coming from risk-off moves. There is quite a bit of risk-off moves in our future with US consumer credit maxed out, commercial real-estate hollowing out bank liquidity, the government fighting all the wars, and the fed trapped between a trillion dollar deficit and accelerating inflation.