According to the chart "capitalization of russell2000 + capitalization of btc" we are still holding the support trendline that originated in 2020 (Covid-19).

In other words, the risky sector is not currently in a bear trend when viewed globally. Considering how much institutional money has flowed into BTC during this cycle, I believe this approach is more correct than considering "the cyclicality of BTC" separately from everything else.