Willy Woo gets into Bitcoin’s evolving market structure, breaking down how institutional flows, ETFs, and treasury companies are reshaping the bull market. He explains why Bitcoin has never faced a true business cycle downturn, why 2026 could be the first real test, and how liquidity waves set the rhythm for both blow-off tops and brutal bear markets.

He unpacks the mechanics of Strategy's debt model versus MetaPlanet’s synthetic leverage, how ETFs are smoothing inflows and dampening volatility, and why premiums to NAV create both opportunity and risk. Willy also zooms out to the thousand-year arc of money, showing why fiat is a short-lived social consensus ledger and Bitcoin is destined to be the next energy-secured system of value.

TIMESTAMPS: 00:00:00 – Introduction 00:08:55 – Why Most Traders Fail in Bitcoin 00:11:13 – Bitcoin’s Market Maturity 00:18:01 – How On-Chain Data Has Changed 00:22:10 – Retail vs Institutional Capital in This Cycle 00:28:51 – Treasury Companies and Smooth Capital Inflows 00:39:10 – Business Cycle Downturns and the 2026 Risk 00:42:29 – Blow-Off Tops, Cycles, and Market Structure 00:53:26 – Transitioning from Fiat to Bitcoin 01:01:36 – Short-Term Bullish, Long-Term Ultra Bullish