Key takeaways

• The current phase in the crypto cycle is marked by significant wealth destruction with assets trading well below their all-time highs.
• There is speculation that the market may have already hit its bottom during this wealth destruction phase.
• Market cycles in crypto consist of wealth creation, distribution, and destruction phases, each requiring specific investment strategies.
• The current sentiment suggests that the market is not entering a bear market, indicating active deployment by investors.
• The four-year cycle in crypto markets aligns with traditional finance cycles, influenced by liquidity conditions and asset allocation.
• Market cycles in crypto can be understood through on-chain activity and…