I think there's a real possibility that we're entering a longer-term bear market, unfortunately.

And this is, you know, on the one side, of course, a four-year cycle that everybody starts to talk about.

But what we're seeing is actually U.S. stocks tend to perform quite poorly during midterm elections.

And of course, next year is a midterm election year.

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whether you're funding a major purchase like a down payment on a home, investing in new opportunities, or even buying more Bitcoin. Figger makes it straightforward and transparent. Take out our crypto-backed loan in the figure app today. Hey everyone, you're watching Markets Outlook. I'm Jen Sanassi. We are getting close to the end of the year, and we had to invite Marcus Teelen back. He's the founder of 10x research. And he's been a regular guest on our markets show this year. Marcus, here you are again. How are you doing as we head into 2026? Yeah, great to see you again. I'm doing fantastic. I think it's been a, you know, eventful year, up, down, up, down sideways. You know, I think a lot of stuff has happened. I think there's

always so much to say about crypto, you know, so many moving parts. So, you know, very excited to talk to you

here. Well, let's, let's reflect on 2025. We talk about up down, up down, sideways.

Talk to me about some of the major events that kind of defined 2025 for you. Yeah, of course,

it was the Trump inauguration, the Trump coin where all the exchanges nicely listed the

Trump coin really near the top, provided really massive exit liquidity. I think that had a massive

negative impact on the sentiment. And I think, you know, we came then into February where

Bitcoin was trading in this like descending wedge really. And, you know, we came then into February where Bitcoin was trading in

this like descending wedge, really. And, you know, we were turning, you know, barriced. I mean,

I had no idea, of course, how bad the tariff news was. But, you know, we were coming in quite

negative just from a technical level. And then we were breaking certain things. And of course,

we just sort of like ramped up again. So we caught this move then later as well.

But I think last time we spoke was kind of like mid-summer.

And what we noticed back then was of course a lot of the OG selling.

And of course, the last couple of two, three weeks basically, everybody talks about OG selling.

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