In a Galaxy Brains podcast interview with Alex Thorn, CZ pointed to past 80% drawdowns and cited ETFs, stablecoins, RWA and friendlier U.S. regulation as support for the market.
CZ said the current crypto-market pullback of about 50% is still consistent with a normal four-year cycle, arguing that earlier cycles included declines of 80%. In the Galaxy Brains podcast interview with Galaxy research head Alex Thorn, he said Bitcoin remains about five times higher than it was four years ago at the cycle low. He also pointed to a more supportive U.S. regulatory stance, ETFs, stablecoins, RWA (real-world assets on blockchain) and rising institutional participation as signs the market backdrop is stronger than in previous cycles.