Not a macro expert. Regularly larp as a macro enjoyooooor Personal view is we experienced/are experiencing accelerated bear market (that has bottomed), and the biggest reason alts got obliterated while BTC didn’t is because of infinite institutional bid. Second reason is more ideologically important but less fiscally important - extreme levels of vapor finally exposed…leading to everyone becoming at least a little bit of a BTC maxi Where we’re headed: Negative news headlines all but totally lost market moving ability - tariff tomfoolery heavily accelerated the bear effects. Only news that will really move the needle going forward are extreme bearish things (war/etc), while legitimate trade deals and/or rate cuts are prepped for legs up Wouldn’t shock me to see BTC.d at 70%, but don’t think it goes meaningfully higher. Once rate cuts start and the money printer eventually comes back on there will be excess liquidity flowing to legitimate alts again with pockets of outperformance in narrative driven sectors as well as revenue generating protocols. Lots of money will continue flowing into BTC. The only way “out” of the current situation is eventually printing more money and continuing to kick the can. Currency debasement was a decision made a long time ago. It cannot be walked back. Cryptocurrency exists for this reason and will thrive in the long run