Bitcoin's looking at something relatively rare in its playbook right now—a fourth year of decline, and here's the kicker: it's happening without the usual dramatic backdrop. Historically, whenever BTC has faced extended downturns, there's been some major scandal or catastrophic industry event attached to it. This time? The fundamentals are messy enough on their own.

The market cycle is playing out in a surprisingly isolated way. No blown-up hedge funds, no exchange hacks making headlines, no sudden regulatory hammers. Just the market doing its thing through natural price discovery. It's worth noting because it reshapes how we think about Bitcoin's boom-bust patterns.

Whether this signals a different kind of bear market or just a temporary reset in a longer bull cycle remains the question traders are wrestling with. The lack of an external shock actually makes this cycle harder to call.