Exactly. Every cycle people say this time is different. Structure keeps proving otherwise.

Liquidity expands, risk runs. Liquidity tightens, risk bleeds. Bitcoin, tech, high beta assets all follow the same macro gravity again and again.

Narratives change. Cycle mechanics do not.

Euphoria phase

Leverage phase

Flush phase

Accumulation phase

Then the reset starts quietly while most are still arguing about why it failed.

Not different. Just emotionally louder each round.