The analyst discusses the current Bitcoin cycle, stating that Bitcoin holders are attached to the cycles. As the asset gets larger, those cycles become less clear, and more market participants think they know how something works is when it tends to change. Most people have seen the Bitcoin cycle so many times they expect there to be a cycle, and cycles can change. It is less about the halving cycle and more about the liquidity cycle. The market capitalization compared to average on-chain cost basis is a useful metric. I would become more concerned if I started seeing more signs of euphoria, leverage, dislocation from cost basis. We probably will see some treasure companies fail.