Looking back at this crypto cycle, the damage feels heavier than most remember:

— 2020 pandemic liquidations
— LUNA implosion
— FTX collapse
— Celsius meltdown

Yet the backdrop couldn't look more different:

— Pro-cryptocurrency political leadership
— Major institutions still accumulating
— Central banks pivoting to stimulus mode
— Equity markets hitting fresh records

What's striking? Fear isn't the dominant emotion anymore. Instead there's this numbing fatigue—like the market has absorbed every shock and just... keeps moving.

The real question: is this resilience, or just the eerie calm before something breaks? The headwinds have weakened, but so has retail conviction. Sometimes that's how consolidation works.