Good point. But I do think covid did provide a bit of a reset in the debt numbers. They did drop quite a bit and savings rates increased quite a bit during that time. It was like sobering up for a few hours before going out to party again.

In terms of Bitcoin. I am not surprised we are just ranging. We had the big run to 74k post etfs and then after the halving there was a lot of miner rebalancing to reflect the reward paradigm so a lot of supply came to market. Then you had German gov selling coins. US gov moving coins (whether to sell or not, who knows) and Mt Gox distributions. I think the supply overhangs are weighing on price. Once they get cleared up and the fed starts the cutting cycle, I think we are off to the races. But who knows.