This crypto bear market was far milder than history trained investors to expect, with Bitcoin falling about 50 percent instead of the usual 75 to 85 percent, MVRV never breaking meaningfully below 1 and no contagion event at the lows.
Many altcoins never recovered from 2022, the October liquidation showed leverage had simply moved into basis trades, treasury company equity and perps, and speculative capital rotated into AI stocks, prediction markets and gold.
With equities at all-time highs, the copper-gold ratio breaking out and Bitcoin diverged from global liquidity, the case is building that this was a mid-cycle correction rather than a full bear market.
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0:00 Milder Than History Trained Us To Expect
0:12 The Dog That Didn't Bark
0:29 Waiting For The 80% Washout
0:44 Altcoins Never Recovered
1:06 On-Chain Signals Fired In July
1:42 Capital Rotated Into AI
2:18 The Kalshi Card
3:14 The Shortest Bear Market
3:26 Why 2022 Was Different
4:15 We're In A Macro Bull Market
4:51 Mid-Cycle, Baby
5:50 Bitcoin Catches Up With Liquidity
6:28 The Copper-Gold Ratio Is Breaking Out
7:07 The Lark Davis Newsletter
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By: Lark Davis
Title: Why The Crypto Bear Market Tricked Everyone
Sourced From: www.youtube.com/watch?v=iyCTvBWRWlY
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