I don't think Bitcoin bear markets will ever be the same again. Retail are irrelevant. We have Bitcoin ETFs and Corporations like Strategy who forever accumulate and never sell. Last year was one in my books: -Down more than 40% against Gold. -Every other asset was up, Bitcoin was down. -Down 6.3% in USD. -Down even more in other currencies like GBP and Euro. I think people expecting 70-80% drawdowns are going to be disappointed. This excludes any black swans of course. Most of the volatility will be transferred to $MSTR and other Bitcoin Treasury companies. They in turn suppress the drawdowns for BTC. It's a different game now.

Correct, I would add that I believe that in fact retail is extremely crucial in the way that mass investor demand historically pushes (i) institutions to introduce products to meet the demand, which we could see last year with JPM/MS/GS taking important steps on that route (even though we are still very much qualified investor-oriented than retail, but I expect this range to be exponentially larger over time as a product of adoption) and (ii) regulatory bodies and ecosystem stakeholders (rating agencies,...) to adapt the current framework to fit the mass demand characteristics. This of course on top of factual, measurable demand for BTC-backed digital credit products, accumulating on current trend more BTC than mined every day, alone. This is even an additional reason (if any was needed) for which I believe we have not remotely seen the bull even starting yet, and that reaching XAU/BTC pre XAU bull growth parity will in my view be the clear shift signal.