The thesis is correct. The bull run isn't over but it's structurally different from anything we've seen before: • BTC is massively higher than previous cycle lows • ETFs are creating a supply shock miners can't match • Institutions are allocating • Real infrastructure is shipping (RWAs, stablecoins) • Governments are regulating, not banning • Talent is migrating from TradFi to Web3 Yes, we'll get drawdowns. Yes, we'll get "it's over" headlines. But zoom out: • The foundation is 10x stronger • The pipes are 10x bigger • The capital is 10x smarter This isn't 2014, 2018, or 2022. This is the institutional adoption phase, and it's just getting started. When in doubt, zoom out.