The altseason keeps not arriving, not because capital is leaving, but because attention hasn’t rotated there yet. What’s truly scarce in this cycle is not Bitcoin, but the window when the market is willing to price in a “new narrative.” The old stories from the last round are too heavy with baggage to move. What’s really worth spending time researching are the directions that are still in the stage of divergence, where the logic has just begun to form, and where no one is shilling yet. The current odds distribution is completely different from 2021, so don’t use an old map to look for a new continent. By the time everyone reaches consensus, the thing you studied has already been priced in. Ask yourself: is the direction you’re paying attention to now in the process of forming consensus, or has the consensus already ended?

$UNI