But if halving is no longer the primary clock for these market cycles, which variables should investors be watching?

Yeah, most certainly not the clock or the calendar.

So the price of any asset, and, and Bitcoin's no different, is always set based on marginal changes in supply and demand.

And the entire ethos behind the, quote, "four-year cycle" was that you get this marginal change in supply from the halvings which take place every four years.

But that marginal change in supply at this point is so minuscule compared to Bitcoin's daily trading volume, it really makes no difference.

So if, for example, it...

Right now, Bitcoin miners are mining about 20 to $30 million worth of Bitcoin every day.

You know, w- what are you seeing both on the, on the mining side, on the compute side, and also on the market, on the order books, right? So d- do you think that this AI trade is gonna continue to maybe steal some attention, steal compute, steal marginal bid away from Bitcoin, or do you see a flow coming back and maybe more so in one category over the other?

Mm-hmm.

It's almost double in 2026 what it was in 2025, uh, at least the projections by the end of the year.

And I listened to, uh, Jack Mahler's live stream on Monday.

He made a, a fantastic point.

It's like all of these AI companies, they're getting tech SaaS multiples, but they're really a real estate development business.

It's extreme, like, upfront capital expenditure, and then they make, like, a small spread on the power.

It's just, like, almost like being a landlord and making rent.

All right, let's do the next one.

Why, what are you looking at that's telling you that you might think it's in already?

Yeah, so we put that out, that report out early April and always hesitant to call top or bottom.

but I think there's enough data in that the 60 K crash in early February was, was almost certainly the bottom.

One of the main indicators we're looking at when you look on chain, there's different types of holders.

So based on how long, Since a coin last moved on-chain, you can categorize them as a short-term holder or a long-term holder.

Generally, the threshold that most on-chain analysts look at is about 155 days, which is about six months.

Typically, when coins are held for longer than six months, the behavior changes a little bit.

What would you change? If you're writing that book again today, what are the primary things that you think you'd shift and want to present differently now versus when you wrote it?