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Bitcoin Cycle Debate: Which Theory Wins in Dec 2025?
BTC at ~$87K after $126K ATH. Top in or just a dip?
1. Traditional 4-Year Halving: Peak done m, bear market starting. Fits history perfectly.
2. Jeff Park's 2-Year Insti Cycle: ETFs killed halvings. Shorter, sharper swings ahead.
3. Raoul Pal's 5-Year Supercycle: Liquidity wave coming. Real parabolic peak in 2026.
My take: Supercycle most likely. Shallower correction, no euphoria yet, institutional buying strong, macro liquidity reboot incoming.
The old 4-year script is fading. Higher highs probable in 2026.
What do you think? Bear confirmed or supercycle loading?
Bitcoinβs classic 4-year cycle is dead.
The halving matters less, and ETF-era flows matter more.
A new β2-year cycleβ is emerging, driven by:
β’ Fund manager incentives
β’ Year-end P&L pressure
β’ ETF investor cost basis
β’ Profit-taking behavior around 12/31
Most ETF inflows from 2024β25 are now underwater or barely above their hurdle rates. If BTC stays flat, ROI compresses β managers sell.
If BTC drops, ETFs hit key pain points β more sell pressure.
In the institutional era, behavioral flows > halving cycles.
Bitcoinβs future moves will be dictated less by supply, more by fund flows, cost basis, and managers protecting their track record.
Bottom line:
The 4-year cycle is gone.
Welcome to the ETF-driven dynamic 2-year cycle.
Interesting read from Jeff Park (@dgt10011).
Full post on his substack:
https://t.co/HOTylhSw6w
Bitcoinβs classic 4-year cycle is dead.
The halving matters less, and ETF-era flows matter more.
A new β2-year cycleβ is emerging, driven by:
β’ Fund manager incentives
β’ Year-end P&L pressure
β’ ETF investor cost basis
β’ Profit-taking behavior around 12/31
Most ETF inflows from 2024β25 are now underwater or barely above their hurdle rates. If BTC stays flat, ROI compresses β managers sell.
If BTC drops, ETFs hit key pain points β more sell pressure.
In the institutional era, behavioral flows > halving cycles.
Bitcoinβs future moves will be dictated less by supply, more by fund flows, cost basis, and managers protecting their track record.
Bottom line:
The 4-year cycle is gone.
Welcome to the ETF-driven dynamic 2-year cycle.
Interesting read from Jeff Park (@dgt10011).
Full post on his substack:
https://t.co/HOTylhSw6w