Something interesting just clicked—crypto might have broken a pattern we never fully noticed.

We've stepped away from the predictable 4-year bull cycle. But here's the thing: we've also escaped the brutal 4-year bear cycle that used to follow.

Last year proved it. Two massive disruptions hit the space: a major exchange suffered a $1.5 billion security breach, and a separate $19 billion incident in October shook the market. Yet neither collapsed the industry like previous cycles would have.

Maybe the ecosystem has matured enough to absorb these blows differently now.