2025-12-24 12:21:40

Seeing CZ and Tom Lee discussing the "super cycle" again, my mind immediately recalls the narrative from Zhu Su of Three Arrows Capital in 2021—where institutional entry and central bank liquidity injections could break the bull-bear cycle, pushing Bitcoin straight to $2.5 million. At the time, this story sounded quite enticing, but in 2022, Luna collapsed overnight, triggering chain reactions and liquidations, and Three Arrows Capital went bankrupt due to high leverage and misjudged liquidity—causing the entire theoretical framework to collapse instantly.

Honestly, the "super cycle" discussion now is completely different from back then. Today’s keywords are fundamentals—whether Bitcoin can enter national strategic reserves, and how traditional finance can tokenize real assets through platforms like Ethereum. These discussions are equally radical but at least backed by more solid fundamentals.

Capital flows have also shifted. It’s no longer the frantic rush of the past but more targeted, seeking places that generate real returns. Look at decentralized lending platforms—despite a sluggish market, the total locked value continues to hit new all-time highs—indicating that smart money is starting to focus on fundamentals.

That said, the market moves at a terrifying pace, and opportunities and risks are often just a thought apart.

BTC-0.63%

ETH-0.25%

LUNA-1.63%

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AirdropChaser

· 6h ago

It's that same "super cycle" tune again... The last time I heard this argument was from Zhu Su, and everyone saw how that turned out. After Three Arrows collapsed, they still dared to hype it up, but to be fair, this time it seems a bit different, at least not purely driven by liquidity and sentiment. DeFi lending is indeed on the rise, but I still have some doubts whether this is just another warm-up before the next round of harvesting. Instead of obsessing over the super cycle, it's better to look at which projects are actually generating cash flow—that's the real deal.

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TokenomicsDetective

· 6h ago

What super cycle? Zhu Su's scam hasn't been thoroughly brainwashed yet. The fundamentals are indeed better than the air theory in 2021, but people still holding LUNA are definitely still losing. Holding at high positions doesn't mean real gains; who are they cutting this time? The market is fast, no doubt, but losing money quickly is even faster.

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GasFeeNightmare

· 6h ago

It's the same old super cycle story again. I saw through Zhu Su's wave; no matter how loud he blows, it can't withstand the fundamentals. What’s the plan this time? RWA and national reserves to rescue the market? I only half believe it. Smart money has long since moved to DeFi lending. TVL has broken new highs, yet people are still complaining, which shows that those who understand the game have already seen through it.

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MEVictim

· 6h ago

Coming back to the super cycle again? I still remember Zhu Su's $2.5 million, haha. Smart money is all looking at the fundamentals, retail investors are still shouting "bull market" everywhere. DeFi lending platforms have indeed held up this wave; the locked-in funds have been steadily increasing, now that's confidence.

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