Every crypto cycle follows the same structure. Only the narratives change.
First, something emerges that looks irrational. New tech or asset classes appear unnecessary or unserious. Early participants who are not anchored to consensus recognize asymmetry and position early.
Then capital rotates in. Early entrants make outsized returns. This phase is often labeled “dumb money,” but it is simply conviction before validation.
As prices rise, attention follows. This is where Bitcoin season transitions into alt season. Bitcoin leads, confidence builds, and capital flows into higher beta assets. Momentum accelerates and reflexivity takes control.
Next comes saturation. Friends ask how to buy. Family wants exposure. Mainstream media amplifies the narrative. Risk is highest, participation is widest.
Then the unwind begins. Liquidity fades. Structures break. What was framed as innovation is now called a scam. Late entrants buy dips repeatedly, mistaking volatility for opportunity.
After the collapse, the same participants reject the entire market, not because it failed structurally, but because they entered at peak attention instead of peak asymmetry.
This pattern has repeated every cycle:
2017–2018 — ICO cycle 2019–2020 — ETH and early DeFi cycle 2020–2021 — Altcoin expansion cycle 2021–2022 — NFT cycle 2024–2025 — Memecoin and attention economy cycle
Bitcoin season builds the foundation. Alt season magnifies outcomes. Timing and positioning matter more than narratives.
NYC Mayor Eric Adams' Token Just Became a Textbook Rugpull Setup 🚨
I just found extreme centralization on $NYC this distribution is predatory.
75% of the entire supply sits in ONE wallet.
Top 10 holders control 98% of all tokens.
Here's the structure:
- Promoted by Eric Adams, former NYC mayor - Not an official city token - No government backing whatsoever - Personal post-office project with zero accountability
🇮🇷 Iran’s currency has completely collapsed the Iranian rial is trading at historic lows against the dollar, fueling inflation and unrest across the country. #iran