Key Take-away Every macro cycle repeats the same three-act play: euphoric top, violent purge, uneven recovery. Draw-down is not a bug; it is the moment the thermostat resets.2021-2025 in One GlanceQ4 2021: Liquidity orgy. BTC > $69 k, NASDAQ > 16 k, S&P 500 > 4.8 k; A-share hot spots still bubbling.2022-23: Fastest Fed hike cycle since Volcker. BTC ‑77 %, ETH ‑82 %, S&P ‑27 %, NASDAQ ‑38 %, CSI 300 ‑30 %.2023-25: Inflation rolls over, AI narrative arrives, rate-cut bets appear. U.S. equities ...