Part 3/9:
One of the key observations mentioned is the unexpected position of Bitcoin in relation to past cycles, particularly given the influx of institutional capital. Despite the arrival of substantial investments—from firms, ETFs, and other large players—Bitcoin's price remains lower than anticipated. This paradox suggests a deeper complexity within the market, partly attributed to the introduction of derivatives and various paper cash products that may dilute Bitcoin's scarcity, one of its core value propositions.