Seeing late stage talk because crypto corporate treasury stocks are pumping. I disagree. It will cause the eventual dump but we are nowhere near that point.

ICOs were frothy a year+ before the bubble burst. Same with DeFi, NFTs, & memes.

all signs point to an extended cycle

Early 2025 was analogous to the euphoria before a bear market. "no way we don't go up" sentiment.

tariffs were our black swan. We pulled all bad news into one quarter and reset like covid.

Now we climb the wall or worry while macro slowly improves

• interest rate cuts soon

• gov't spending that will never stop

• CT calls every 5% move the top

That's not how bull markets end.

Add in the fact the four year cycle is dead. You cannot simply add four anymore. Crypto is too big and too tied to the global economy.

Base case is a surprise upside in majors and extended cycle. If i had to map it out, this is 2020 and next year is 2021.

2025 is good. 2026 great.

Higher for longer.