Bitcoin's growth rate, even priced in the second-best money (gold), continues to have a violently upward trend: On every July 17: 2016: 0.254 oz 2017: 0.477 oz (+87.6%) 2018: 1.913 oz (+301.0%) 2019: 3.021 oz (+57.9%) 2020: 4.328 oz (+43.3%) 2021: 8.339 oz (+92.7%) 2022: 12.598 oz (+51.1%) 2023: 14.531 oz (+15.3%) 2024: 18.671 oz (+28.5%) 2025: 21.949 oz (+17.6%) 2026: 21.522 oz (−1.95%) 2026 YTD is the first annual contraction in the entire sample. But zoom out. Bitcoin’s four-year moving average went from buying 0.254 ounces of gold to 21.522 ounces in 10 years. That is an 84.6× increase... ignoring the first few years of Bitcoin's infancy. Measured against humanity’s oldest monetary benchmark, Bitcoin’s 4-year average compounded at 55.9% annually for a decade. And today, spot Bitcoin buys only 15.81 ounces of gold- 26.5% BELOW its 4-year average. This is what an actual Bitcoin bear market looks like when you remove the melting dollar from the measuring stick. The trend did not die. It became historically stretched beneath itself.