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

Bitcoin’s cycle really feels like some mysterious force is pulling the strings.
Every bull run brings in new capital and new narratives, pushing the price to new highs.
Then, when the bear market arrives, some institutions are always pushed onto the altar, using their own collapse to align with the cycle’s decline, eventually completing the liquidation and bottoming out.
Last cycle, it was Grayscale, DeFi, Three Arrows, and Luna.
This cycle, it’s ETFs, inscriptions, memes, and now the market is eyeing MicroStrategy’s debt and financing pressure.
Each cycle’s protagonist is different, but the script is basically the same:
Narratives attract liquidity, leverage amplifies the bubble, and finally, an institution that “seems least likely to fail” completes the purge.
So, often, when you think you’re trading Bitcoin’s price, you’re actually trading the order of sacrifices in the cycle.