The 4 year retail cycle is dead. It was killed by the ETF.
The new regime isn't driven by retail euphoria that sends the Greed index to 95.
It's driven by a persistent, structural bid from institutions. A quiet, relentless absorption.
This new engine doesn't cause 80% crashes
it creates modest corrections.
It doesn't create universal euphoria
it creates violent, concentrated capital flows into specific narratives (AI, RWA, DePIN...)
Buy fear, sell greed is still the golden rule, but fear and greed have changed their meaning
New Fear: The fear of holding obsolete tech while capital rotates elsewhere.
New Greed: The FOMO into the few narratives that are capturing all the liquidity.
So when,but where will the capital concentrate?
Stop reading the thermometer. Start reading the room.
BTC
90,040.56
-2.27%
