Markets don’t usually end bull cycles like this.
Equities are printing new highs.
Gold and silver are confirming the same signal.
The MicroStrategy overhang that scared everyone is gone.
The Fed is quietly back in the T-bill market.
Global M2 is turning up again.
Meanwhile, alts vs BTC are sitting at levels we’ve only seen at prior cycle lows.
Trump is openly calling for 1% rates by 2026.
A more pro-liquidity Fed chair is likely next year.
There was no real euphoria in October’s move.
And Q4 just went down as the worst since 2018.
Yet the bear case says “the bull run is over.”
Historically, tops come with excess, leverage, and universal confidence.
What we’re seeing instead is skepticism, under-positioning, and macro liquidity quietly improving.
This doesn’t look like the end of a cycle.
It looks like the part where patience gets tested before the trend becomes obvious.
