Part 3/14:
Reflecting on past market cycles, the speaker notes a transition from the early, more straightforward bull runs to a more complex and elongated market structure. They observe that traditional four-year cycles are giving way to lengthening cycles, influenced heavily by macroeconomic factors and institutional trading. The recent market behavior—ranging from a swift rally to $69,000, followed by a sharp decline—illustrates how market dynamics are increasingly driven by institutional traders, futures markets, and financial instruments rather than pure hodler sentiment.