There’s a saying that really hits home: the most spectacular narratives often come with the most brutal losses.

When the market is hot, MicroStrategy is buying up, BlackRock is building positions, Tether is increasing its holdings, even the US government’s wallets are active. Back then, no one cared about valuations—no matter how expensive, people dared to jump in, as if prices would only ever go up. But once the tide turns and we enter a down cycle, ETFs start seeing continuous net outflows, and some institutions that once bought in loudly suddenly announce they’re selling off at a loss, dumping everything with no regard for cost.

Simply put, there are always reasons for the market to rise, and always reasons for it to fall. Retail investors buy into stories, institutions use stories to exit—the game has always been this way.