🚨 GRAYSCALE'S KEY BITCOIN THESIS

Grayscale argues #Bitcoin is breaking the old cycle playbook.

❌ No parabolic mania phase

✅New market structure via ETPs

✅Persistent macro tailwinds

The implication? This isn't a signal of a cycle top, but a path toward sustained, higher levels into 2026.

A shift from hype-driven spikes to institutionally-fueled growth. 📈

Chart via Grayscale | Data as of Nov 29, 2025

#Bitcoin #BTC #Crypto #ETFs

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