According to @cas_abbe, BTC’s October all-time high in USD was driven by dollar devaluation, with BTC priced in EUR and GBP remaining near Q4 2024 levels; source: Cas Abbé on X, Dec 6, 2025. He adds that the Others/BTC ratio topped in 2024 and has been trending down, indicating persistent altcoin underperformance versus BTC; source: Cas Abbé on X, Dec 6, 2025. Cas Abbé notes that MicroStrategy (MSTR), described as the largest Bitcoin DAT, peaked in Q4 2024, while large caps such as XRP and SOL topped in Dec 2024 or Jan 2025; source: Cas Abbé on X, Dec 6, 2025. Based on these signals, he concludes the crypto bull run ended in Q4 2024 and the market has been in a bear cycle for nearly a year, implying conditions are closer to a bottom than a top and favoring defensive positioning and patience for bottom confirmation; source: Cas Abbé on X, Dec 6, 2025.