Changing market conditions: the smaller stock price decline this year may be an indication of a market shift. In this case, waiting for a crash like the previous three years could be misleading, like expecting a rally. The drop in 2012 reduced the annual output by 12.5% of the existing supply. This value fell to 4.2% in 2016, to 1.8% in 2020, and to 0.8% in 2024. Price increases between the isolated cycle peaks have also narrowed. The 2017 peak was about 17 times the previous peak; in 2021 this factor fell to 3.5 and in 2025 to 1.8.

Changing market conditions: the smaller stock price decline this year may be an indication of a market shift. In this case, waiting for a crash like the previous three years could be misleading, like expecting a rally. The drop in 2012 reduced the annual output by 12.5% of the existing supply. This value fell to 4.2% in 2016, to 1.8% in 2020, and to 0.8% in 2024. Price increases between the isolated cycle peaks have also narrowed. The 2017 peak was about 17 times the previous peak; in 2021 this factor fell to 3.5 and in 2025 to 1.8.