2024 : Positioning Year
Control & accumulation
> Spot BTC ETFs approved
> Institutions enter quietly
> Capital builds, volatility stays capped
> Strong hands accumulate
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2025 : Expansion & Distribution
Hype & exhaustion
> Retail FOMO peaks
> Narratives go mainstream
> Sharp upside, violent pullbacks
> Smart money distributes into strength
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2026 : New Cycle Begins
Fresh leadership
> Old narratives fade
> New trends emerge
> Clean trend initiation