SPDR S&P 500 ETF Trust Tokenized ETF (Hyperliquid) (SPY)

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$SPY is actually outperforming $BTC from the 2021 highs — not by a huge margin, but it’s there.

Yes, you can argue it’s cherry-picking the timeframe, and Bitcoin has massively outperformed off the 2022 bear-market lows. Fair.

But the broader point still stands: Bitcoin’s diminishing returns with each cycle are becoming increasingly obvious. The explosive upside is still there, just…much less explosive than it used to be.

This might be a hot take, but I don’t think you can genuinely call yourself "early" to Bitcoin anymore — and that’s perfectly fine. The asset can still perform incredibly well from here; it’s just maturing, but the days of being "early" are behind us.