Can we all just agree that there is no single villian this time? This market looks more like the end of a very specific phase of modern markets: the phase where narrative is treated like collateral and leverage starts being treated like culture.
When an asset can be down 21% in five weeks and almost 50% off a recent peak while people still ask what happened...that is the tell. This is all just a slow realization that the marginal buyer has changed. Retail shows up for 30x stories (not for 11% annualized boredom) and the market learned that lesson the hard way after the October wipeout that reportedly erased $19.37B of leveraged positions across 1.6M traders in a day.
As more institutions enter, they bring a different risk tolerance, tighter mandates, and a preference for cash-flow-shaped assets like tokenized real-world exposure...sadly not the adrenaline we have been used to.
What I think comes next is:
i) Fewer moonshot narratives but more compliance plumbing + more products that look like finance again.
ii) More shakeouts where liquidity disappears first.
iii) A quieter bull market (led by boring balance sheets) not loud timelines.
Keep building copied @BDXN CEO .#BinanceBitcoinSAFUFund