According to @charlesdhaussy, Q4 2025 saw a Great Leverage Reset with BTC open interest dropping from $65B to $35B, DeFi perpetual OI holding steadier than CEX averages, and no institutional panic selling, indicating a derivatives-led flush rather than spot capitulation. Source: Charles d'Haussy on X, Nov 30, 2025. He states the market is shifting to a Utility Phase, with ETH positioned for RWA and tokenization while retail remains subdued, signaling a pivot from pure price speculation to economic integration. Source: Charles d'Haussy on X, Nov 30, 2025. On macro, he notes ISM Manufacturing has been below 50 for 36 months and expects a V-shaped recovery and a 2026 liquidity injection; he adds ETH will lead stablecoins, tokenization, and DeFi onboarding, forecasting ETH to bottom now and run to $5k–$6k by Q1 2026. Source: Charles d'Haussy on X, Nov 30, 2025. He highlights that gold outperformed Bitcoin in 2025 (+55% vs flat) amid central banks buying over 1,000 tonnes, with gold acting as a first-line refuge during geopolitical shocks while BTC initially traded like a risk asset. Source: Charles d'Haussy on X, Nov 30, 2025. He concludes that 2026 is when liquidity returns to digital assets as Fed rate cuts materialize and real yields fall, with BTC potentially behaving like gold with leverage and outperforming on a percentage basis as risk appetite revives. Source: Charles d'Haussy on X, Nov 30, 2025.