Don't know who needs to hear this but I think we are rather likely looking at the beginning of a new #bitcoin cycle and not at the end of a classic manicured 4-year cycle.

If you assume that demand factors are becoming more important than supply factors (which you can also see in the data), then the macro cycle will become more important.

Q: Where are we in the macro cycle?

A: Probably close to the bottom.

Huge upside asymmetry in risk/reward from here.