Bull markets are responsible for creating gods, bear markets for sacrifice.

The Bitcoin cycle really feels like some mysterious force is manipulating it.
Each bull market brings in new capital and new narratives, pushing the price to new highs.
Then in a bear market, some institutions are always pushed onto the altar, using their own collapse to match the cyclical downturn, finally completing liquidation and bottoming out.
Last cycle it was Grayscale, DeFi, Three Arrows, Luna.
This cycle it's ETFs, inscriptions, memes, and now the market is staring at MicroStrategy's debt and financing pressure.
The protagonists are different each time, but the script is essentially the same:
Narratives are responsible for attracting liquidity, leverage for amplifying the bubble, and finally some institution that 'seemed least likely to collapse' completes the deleveraging.
So many times, you think you are trading Bitcoin's price, but actually you are trading the order of sacrifice in the cycle.