Across four major cycles since 2011, the one principle that survives every crash and recovery is this: networks with genuine utility and decentralized security accumulate value over multi-year periods, regardless of sentiment swings. Bitcoin's hash rate recovered to all-time highs after 2018 and 2022 collapses; Ethereum's validator count grew through every drawdown. The cycle changes the price, but it cannot change the fundamental equation of work done equals value accrued.
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