Here is what happened in 2025,

I genuinely believe that OGs from the 2011–2014 era were distributing large portions of their holdings while, at the same time, sovereign wealth funds, banks, and centralized institutions were accumulating.

The net effect remained negative in the short term because legacy supply overhang outweighed incremental institutional inflows during the transition phase.

I am not sure how much inventory OGs still hold, but if they were full maxis after a decade of accumulation, supply likely remains.

At the same time, adoption and structural demand have more than doubled.

This is why the bear market was effectively masked and why the traditional four year cycle framework is breaking down.

2026 is structurally biased upward.

2025 gave you the opportunity to accumulate and you should have taken it.

I know I did.

I nearly doubled my stack.