The vibes at this time exactly 1 year ago were so different > Trump had just won the elections > BTC mooning into price discovery, breaking past the prev ATH of 69k and getting into the 80k/90k areas for the first time. > "The road to 250k is the easy part" > The level of optimism for the space was ATH, tons of future catalysts for the space to look forward to > A pro-crypto campaigning president had won! -Promises of a future SBR, govt is going to perpetually pump our bags! -Promises of new SEC rules and crypto regulation reform to make America the crypto capital of the world. Gary Gensler was going to be "fired on day one" - Trump -Lawsuits/enforcement actions against current players would likely be halted/stopped and wouldn't happen again (coinbase/uniswap/XRP/etc) -More crypto ETFs would likely pass easily now Now fast forward to now... well everything people were looking forward to is all played out now. The DAT ponzi even came and now they've run out of money and many are likely to see mnav drop below 1. Some have even started selling a bit. There aren't any catalysts to look forward to. Optimism is so gutted compared to the vibes from a year ago. Just think about how people are feeling now and how they were feeling exactly 1 year ago while looking at the charts. We had all the catalysts in the world and if you weren't holding BTC or the right alts you basically got destroyed. Personally I did extremely well in 2025 by hypergambling on all the newest dogshit and being a super jeet. I never believed in anything for longer than a few days except for Hype + ETH which I eventually sold a few months ago. The top of the entire space really did feel like when Trump launched his solana shitcoin. At the very least, it made selling Solana near the top pretty easy. "What can even top a Trump shitcoin?" - Adin Ross Now what? What comes next? What are people looking forward to and how are you staying bullish? People have been saying "no more cycles" but it really feels like exhaustion now and that the 4 year cycle might actually play out (with less BTC drawdown than before probably). pic from @bigbasedben