Andrew Kang, co-founder of Mechanism Capital, said on social media that I have realized that this is the first cycle and a complete bull market for many, which is surprising. During the entire bull market, BTC's multi-day decline was extremely limited, only around 20%. Many people seem to have increased their leverage during the last correction in April. However, in the last cycle, we often had leverage shrinkage, resulting in a 30-60% shrinkage and collective losses of hundreds of billions of dollars. Different cycles, different models, but when people get too comfortable and think nothing can happen, that's usually when disaster strikes. While I'm bearish, that's not telling you to short the market or sell everything in the market. Just make sure you're mindful of the risks and don't place all your bets on one trade that could cost you a lot if we move beyond expectations. The optional value of having reserves is unlimited. We will see new highs for Bitcoin (but not all other currencies) in 2025. But that doesn't mean we won't see an extreme correction in a one-month timeframe. The market won't let anyone cave in.