It seems to me that general sentiment in bitcoin land is worse now than it ever has been—even compared to the bottom of the last bear market. I think a lot of it is because bitcoin is “not doing what it’s supposed to be doing,” in multiple regards, but imo most importantly because gold is going up and bitcoin isn’t, while USD debasement becomes more and more obvious. I think this happened because the newcomers in the last cycle (wall street) were not mission aligned with the bitcoin mission. They don’t even understand anything about bitcoin. The only reason they bought bitcoin was to make more fiat. All they care about is fiat. So they buy gold for the debasement “trade” and when their paper bitcoin ETF isn’t making them money, they dump it. It’s no wonder this “cycle” sucks.