Why the crypto cycle of 2025 did not resemble that of 2021

Many cryptocurrency investors approached the 2024-2025 cycle with a clear plan: $BTCCourses → conversion of capital into ETH → altcoin season → exit towards generational wealth. A 'Monaco 2025' scenario. It seemed logical. It failed.
The mistake was believing that 2021 was the norm. It was not. This cycle was fueled by a black swan: massive quantitative easing, stimulus checks, a renewed interest in social issues, and a public propensity to take risks. The reality of today is different.