A bull market is responsible for creating gods, a bear market for making sacrifices.

Bitcoin's cycle really feels like some mysterious force is manipulating it.
Each bull run brings in new capital and new narratives, pushing the price to new highs.
Then, when the bear market arrives, certain institutions are always pushed onto the altar, using their own collapse to match the cyclical downturn, eventually completing the liquidation and bottoming out.
Last cycle it was Grayscale, DeFi, Three Arrows, Luna.
This cycle it's ETFs, Inscriptions, memes, and now the market is staring at MicroStrategy's debt and financing pressure.
The protagonists change every cycle, but the script is basically the same:
Narratives are responsible for attracting liquidity, leverage is responsible for inflating the bubble, and finally, some institution "that seemed least likely to fail" completes the clearing.
So in many cases, you think you're trading Bitcoin's price, but in reality, you're trading the order of sacrifices within the cycle.