We are officially watching the death of the "retail-driven" cycle

The price action over the last 48 hours is the clearest signal yet that the old rules don't apply anymore. In previous cycles, this level of holiday low volume would have been a playground for whales to liquidat retail. This time, the bid floor didn't move. Institutional desks are back today, and they aren't here to trade the volatility; they're here to execute mandates. When billions are being allocated as a structural baseline for 2026, the 4-year cycle theory is likely headed for a major reality check. I’m curious if anyone else is starting to feel that the "big dip" everyone is waiting for is being front-run by players who don't care about a 10% discount when they're buying for the next decade. Or are we all still stuck in the 2021 mindset?