Bitcoin’s 4-year cycle may look arbitrary, but the data tells a deeper story. Ryan and Mike break down how leverage, credit, stablecoins, DeFi loans, miners, and Strategy drive crypto’s recurring booms and busts, and whether one final domino still needs to fall.

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TIMESTAMPS

0:00 Intro

5:21 Bitcoin’s Capital Base

15:00 Leverage Drives the Premium

20:07 Stablecoins and VC Flow

23:08 On-Chain Loan Cycles

26:08 Perps and Treasury Leverage

32:14 Deleveraging and Hidden Risks

34:29 Miner Capitulation

37:12 Why Four Years?

40:08 ETH and Solana Positioning

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Not financial or tax advice. For educational purposes only.