Every cycle has a new ponzi driving it


2014 - BTC perps
2017 - ICOs
2021 - GBTC + DeFi leverage
2025 - DATs

Probably as simple as top is in when the DATs slow down 🤷‍♂️
EVERY-1.85%
BTC-1.46%
DEFI-7.58%
IN2.01%
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