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The market always forgets. It forgets how confident everyone felt near the top, and how certain people were that prices would never fall again. It also forgets how heavy fear felt near the bottom, when many believed crypto was finished. If you look back at 2018 after the ICO boom, most projects lost the majority of their value. In 2022, excessive leverage, weak risk controls, and fragile business models caused another deep reset across the industry. Each cycle felt unique in the moment, but the emotional pattern was almost identical.
Today, the same rhythm is visible. When $BTC stabilizes after volatility, confidence slowly returns. Conversations shift from survival to opportunity. Historically, Bitcoin has led recovery phases, but it has also led major drawdowns. It sets the tone for liquidity and risk appetite across the entire market. When it expands, capital rotates outward. When it contracts, risk assets feel pressure quickly. That relationship has repeated across multiple cycles.

With $ETH , the story is similar. During the 2020 to 2021 expansion, Ethereum was at the center of DeFi and NFT growth. When the downturn came, activity cooled and narratives weakened. Yet development continued in the background. Staking participation increased, scaling upgrades progressed, and discussions around tokenization of real world assets kept building. The market often shifts attention away from infrastructure during fear phases, even though that infrastructure is what supports the next growth wave.

$SOL offers another example of how quickly perception can change. After significant ecosystem stress in 2022, sentiment turned sharply negative. Later, increased onchain activity and retail trading revived attention. This does not mean volatility disappears. It shows that network usage and liquidity can alter narratives faster than opinions expect.

In DeFi, $AAVE reflects how lending protocols move with broader conditions. Borrow demand rises when traders are confident and falls when risk appetite drops. Through both environments, the protocol layer remains operational. Across cycles, price fluctuates more dramatically than actual core functionality.
For newer participants, the key takeaway is simple. Markets move in cycles driven by liquidity, psychology, and structure. BTC often signals macro direction. ETH reflects infrastructure health. which shows ecosystem activity shifts. $AAVE gives insight into DeFi risk appetite. None of this guarantees outcomes. It simply reflects patterns that have appeared more than once.
The market always forgets how these cycles unfold. It remembers after the fact. Those who study previous periods are not trying to predict perfectly. They are trying to avoid being surprised by something that has already happened before.