It’s Tuesday morning June 18th Singapore time, and I am sitting in front of my computer watching alts nuke. Again. BTC is sitting comfortably within ~10% off all-time highs.

“This cycle is weird”. I have heard it said 10x already. Dispersion reigns supreme. This is a post to try and understand why.

https://twitter.com/Delphi_Digital/status/1802749925249179762

This may seem obvious to many, but I feel its worth spelling out in plain text.

This Time is Different

This cycle feels different because it is. This is crypto’s first “fiscal” cycle. For the pattern-recognition monkeys we are, looking at halvings and rainbow charts and front-running the incoming “alt-banana zone”, this has been a frustrating realization.

Not all new money is the same. The origination and path into the economy – direct o