According to Miles Deutscher on X on Nov 21, 2025, the prior BTC cycle driven by DAT buying, SBR hype, and record ETF flows has ended, signaling a transition into a floor-finding phase before the next catalyst (source: Miles Deutscher on X, Nov 21, 2025). According to Miles Deutscher on X on Nov 21, 2025, he rejects a fixed 4-year cycle and argues BTC now trades as a macro asset led by flows and narratives rather than halving timelines (source: Miles Deutscher on X, Nov 21, 2025). According to Miles Deutscher on X on Nov 21, 2025, the next upside trigger could arrive within weeks to months via fiat debasement, an AI energy race, or broader liquidity expansion, implying traders should adapt positioning to macro-driven volatility and range dynamics (source: Miles Deutscher on X, Nov 21, 2025).

According to @paoloardoino, shifting users from proof-of-work to proof-of-stake would direct more energy to AI, while limiting AI would free more energy for Bitcoin, and he asserts PoW is superior to PoS for money designed to withstand catastrophic scenarios; source: https://x.com/paoloardoino/status/1980166135913083284. Bitcoin (BTC) relies on proof-of-work security as outlined in the Bitcoin white paper by Satoshi Nakamoto; source: https://bitcoin.org/bitcoin-paper. Ethereum (ETH) transitioned to proof-of-stake in The Merge, and the Ethereum Foundation reports an approximate 99.95% drop in network energy use post-Merge, framing the energy-efficiency case for PoS that contrasts with PoW’s resilience narrative; sources: https://ethereum.org/en/roadmap/merge/ and https://ethereum.org/en/energy-consumption/. For traders, Ardoino’s stance is notable given his role as Tether CEO and USDT’s position as the largest stablecoin by market capitalization and a core liquidity rail across crypto spot and derivatives markets; sources: https://tether.to/en/tether-announces-executive-changes/ and https://coinmarketcap.com/currencies/tether/.