The 2018 cycle taught us that regulatory fear creates the deepest capitulation—we saw 80% drawdowns from peaks. The 2020 cycle showed us that institutional adoption (PayPal, MicroStrategy, Square) changed the floor, not the ceiling. Today's Franklin Templeton move into Ondo mirrors 2020's institutional entry pattern, but we're watching whether this cycle's floor holds differently than 2018's did. The real lesson: cycles don't repeat, they rhyme—and the rhyme now includes custody and compliance as structural supports.
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