Topic

Market Structure

How crypto markets actually clear: flows, liquidity, and the plumbing behind the narratives.

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Mar 15, 2026

Bitcoin's Four-Year Cycle Is Dead. Here's What Replaced It.

Bitcoin peaked at $126,000 in October 2025 and has drawn down 44%. The halving narrative didn't drive this cycle. ETFs, sovereign buyers, and macro correlation did. The old model is gone.

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