Ghosts of Cycles Past - The Early Innings of a New Cycle?

To outsiders, crypto may lack rhyme and rhythm. But spend enough time doomscrolling on CT, and you begin to notice a method to the madness. Crypto is just like every other asset — driven by the whims and emotions of humans, who are cyclical beings. Since the time of Satoshi, studying past market cycles has been a valuable exercise. It offers an idea of where we are in the current cycle and, more importantly, what the future holds.

In our last report – Catalysts Stacking Up – we identified parallels between narratives today and the initial stages of past cycles. We examined two major narratives – global liquidity and government regulation – illustrating their slow transformation from headwinds to tailwinds. We also unpacked how this constructive shift lays the groundwork for their lightweight narrative cousins to flourish.

This month, we’re embarking on a deeper explorati