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This is the first cycle of $BTC com:
• halving under positive real interest rates
• spot ETFs absorbing liquidity daily
• much more institutional market
If you analyze 2025 with the logic of 2017, you might be making a costly mistake.
#HALVIN
📌 Full analysis in the article.
Halving, acceleration, euphoria, top.
But this cycle broke that logic - and it wasn't in the price, it was in the structure.