Pavel | Robuxio(@PKycek):Crypto is cyclical: in the ratio between retail and institutional capital. During hype periods, retail participation rises. More retail = more uninformed capital. More uninformed capital = more market inefficiencies. More inefficiencies = higher PnL potential. Then the cycle reverses. Retail disappears = edges shrink and expectancy falls. During these periods, weaker trading teams and funds also disappear. They are no longer extracting returns from retail flow. That is the real crypto cycle. You can observe it in the data. You can also see it behind the scenes in the behavior, performance, and survival rate of crypto trading teams and funds.

2026.07.28 16:51

Crypto is cyclical: in the ratio between retail and institutional capital. During hype periods, retail participation rises. More retail = more uninformed capital. More uninformed capital = more market inefficiencies. More inefficiencies = higher PnL potential. Then the cycle reverses. Retail disappears = edges shrink and expectancy falls. During these periods, weaker trading teams and funds also disappear. They are no longer extracting returns from retail flow. That is the real crypto cycle. You can observe it in the data. You can also see it behind the scenes in the behavior, performance, and survival rate of crypto trading teams and funds.