Early February tested the four-year cycle framework as Bitcoin crashed from $90,000 to $60,000, marking its steepest drop since the 2024 halving. Last week's drawdown triggered $9B in liquidations and pushed stablecoin dominance above 10%, yet volume remained subdued, signaling retail disengagement, not panic. Meanwhile, @HyperliquidX and @CantonNetwork defy the altcoin collapse, maintaining relative strength while most tokens have plunged 60-70% from their respective peaks. 📉 Our latest analysis reveals why this bear market is following the cycle playbook perfectly, even as many believed "this time would be different" app.kaiko.com