Building during bear markets looks like Grayscale accumulating 13,000 BTC in 2018 while everyone screamed capitulation, or MicroStrategy's Saylor buying at $29K in 2022 when conviction had evaporated from retail entirely. It's not glamorous—it's unglamorous capital deployment when the crowd has already left the stadium. The 2014-2015 cycle saw serious builders ship while price was dead; by 2017 those projects had 50-100x returns. Bear market building is invisible work with delayed recognition.
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