The Nasdaq is 3.5% from ATH.
You can't blame the Nasdaq.
The 10Yr is at 4.17%
It started the year at 4.75%
You can't blame the bond market.
The Fed Funds started the year at 4.25%
The Fed Funds are now 3.5%
You can't blame the Fed.
MSTR bought 145,000 BTC in 2025
You can't blame MSTR
The ETFs bought 450,000 BTC in 2025
You can't blame the ETFs
What does that leave?
The belief in the 4 year cycle.
Which is complete nonsense.
