The market has simplified into 3 investor archetypes:

1. Bitcoin Bull (~20%+ CAGR)

Holding spot BTC + leveraged BTC exposure + digital credit instruments

2. Bitcoin Skeptic (~0% CAGR)

Pure digital credit plays. No directional BTC bet.

3. Bitcoin Hater (-20% CAGR)

Actively shorting BTC. Getting rekt.

Which one are you? The middle ground is dead. You're either positioned for the BTC supercycle or you're fading into irrelevance.

CAGR expectations are baked into positioning. Bulls eat, skeptics survive, haters bleed.