Bloomberg's calling it "Bitcoin fatigue." Fourth annual loss.

First one without a scandal. No exchange collapse. No founder arrested. No rug pull.

Just... boredom.

The tourists are leaving. Good.

You see, the tourists never understand: the boring parts are the feature, not the bug.

Every technology follows the same arc. Hype. Crash. Silence. Then dominance.

But between crash and dominance? There's a long, quiet stretch where nothing seems to happen.

That's the dip. That's where most people quit.

Not because they failed, because they got tired of waiting.

I watched this in 2014. In 2018. In 2022. The headlines screamed death. The builders kept building.

The difference between a tourist and a settler isn't conviction. It's tolerance for boredom.

Tourists need dopamine hits. Daily gains. Green candles. Excitement.

Settlers understand that positioning happens in the quiet.

The same information is available to everyone—the Fed's moves, ETF flows, macro headwinds. But information without patience is just noise.

Risk isn't volatility. Risk is a function of information and control.

If you know why you're here, a down year isn't a crisis. It's a filter.

Bitcoin didn't change. The 21 million cap didn't change. The code didn't change.

What changed is who's left.

The question isn't whether Bitcoin will recover.

The question is whether you'll still be here when it does.