I recently had a chat with Michael Saylor.

2025 was not what everyone thought it would be for crypto.

We got the headline moments. We got the big pumps. We got new highs. Bitcoin tagged a record above $126,000 in October.

But the “everything runs” part never really showed up.

And while crypto chopped itself to death, traditional markets had a monster year. The S&P 500 is up nearly 18% in 2025, and the Nasdaq is up about 22%.

That contrast matters.

Because it explains why so many people feel annoyed, confused, and tired right now.

It also sets up why I think 2026 is the year where crypto finally gets its clean window.

Bitcoin is not dead. Bitcoin is not “so back.” Bitcoin is just stuck in that zone where it keeps punishing emotion.

And that is exactly why people are messing this up.

Here’s the line you need to tattoo on your brain.

“I don’t trust it right now. I don’t trust it.”

That is not fear. That is discipline.

Because in markets like this, trust gets you wrecked. Process saves you.

Truth is, 2025 gave us two stories at the same time.

Story 1: Trad markets went crazy. Stocks rallied hard. AI names stayed hot. Retail flows stayed strong. Reuters reported record retail inflows in 2025, up 53% versus the prior year.

Story 2: Crypto did not deliver the fantasy. Bitcoin hit that October peak, then got slapped. Reuters described Bitcoin peaking near $126,000 in October and falling close to 30% into the mid-$80Ks by early December.

So you had this weird feeling all year.

Trad felt easy. Crypto felt like work.

That is why the timeline got toxic.

People did not come here for “choppy and sideways.” They came here for life-changing candles.

Instead, we got a market that acts like it hates everyone.

2025 forced one thing.

You had to decide what you are.

If you are a trader, you need levels, risk, and a plan. If you are an investor, you need a thesis and patience.

Most people had neither.

They just had vibes. They had hopium. They had a group chat.

That is how people get wiped.

This year was a filter. A lot of people failed it.

I have been sitting with this for a while.

We have basically been in a bear market, if that is what you want to call it, for the last few months. We are closer to the bottom than many believe.

Yes, “bear market” is a loaded term.

But if you use the common definition, a bear market is a drawdown of about 20% or more from recent highs.

Bitcoin dropped far more than 20% from that October peak.

So call it what you want.

A reset. A shakeout. A mini bear.

The point is the same.

The market has been putting people through a grinder. And grinders have an endpoint.

Not because I have a magical number. I do not.

Because of how bottoms usually form.

You get fear. You get forced selling. You get exhaustion.

We already saw a taste of that kind of violence. Reuters reported a major liquidation wave around that October peak, citing about $19 billion in liquidations on one day.

And sentiment has been ugly. Yahoo Finance reported the Crypto Fear and Greed Index spent 14 straight days in “extreme fear” and was sitting around 20 on Dec 26.

That does not guarantee a bottom.

But it tells you something important.

Confidence is not back yet. And markets usually turn when most people still feel sick.

Because the pipe is getting built.

Even if the price has been annoying, infrastructure has been moving.

Here are three things that matter going into 2026.

1. Banks and Wall Street keep opening doors. Reuters reported U.S. bank regulators have pulled back restrictions and said banks can act as crypto intermediaries.

They also reported JPMorgan exploring crypto trading for institutional clients, and Morgan Stanley planning crypto trading on E*Trade by mid-2026.

This is not meme talk. This is distribution.

2. Regulation is getting more defined. Reuters reported the U.S. House passed stablecoin legislation in July 2025, a watershed moment for the industry.

They also reported the crypto industry cheered wins in 2025, even while legislation momentum could slow as politics shift toward midterms.

Translation. The rules are not perfect, but the fog is thinning.

3. The market already did the cleansing. You do not get a clean run without pain first.

People hate that. But it is true.

2025 delivered pain.

That is why 2026 has a shot to deliver expansion.

2026 being “the year” does not mean January 1st is a green candle.

It means the conditions are building.

Liquidity cycles restart. Positioning resets. New mandates hit. Bigger players get comfortable again.

And if you are still here after a year like this, you are already ahead of most.

They are treating markets like a prediction contest.

“Is it going back to 100K?” “Is it going to 70K?” “Is tomorrow green?”

That mindset is poison.

Because the market does not pay you for being loud.

It pays you for being positioned. And for staying sane while other people spiral.

This is the whole game.

“I’m not trading. I’m accumulating wealth.”

That line is the cheat code.

If you want to build wealth, you need a plan that survives boredom and fear.

Not a plan that needs adrenaline every day.

Here is how I would think about it.

If you are long-term:

If you are long-term and one red day changes your entire worldview, you are not investing. You are gambling with extra steps.

If you are trading:

If you are improvising because you are bored, you are the exit liquidity.

This is where people get dramatic.

“Crypto is over.” “Cycles are dead.” “This is the worst year ever.”

Relax.

Bitcoin hit a record high in October. Then it got slapped.

That is crypto.

Volatility is the tax. Conviction is the edge.

What matters is what you do next.

Because the next year is the one that pays the people who stayed consistent.

I think 2026 is where crypto finally gets a cleaner runway.

Not because I am emotional about it.

Because:

That is the setup.

And if I am wrong, I still have a plan.

That is the whole point.

The end of year is not the time to chase. It is time to tighten your process.

Pick a lane.

Build your plan. Then execute it without needing daily validation.

Reply and tell me your 2026 thesis in one sentence.