Ever notice how GMX surged 221% in early September 2022 while BTC dropped 57% during the same bear market? I keep hearing calls for a new era where strong tokens and teams break free from Bitcoin correlation. I want that too, trust me. But this outperformance narrative isn't new. It mirrors exactly what we saw in the last bear cycle. Let me take you back to 2022. GMX is the clearest example I can remember. It only dropped about 23% from its ATH during the 2022 bear, while most tokens lost 80-90%. After hitting a low around $25 post-FTX collapse in November 2022, GMX rallied roughly 90% into year-end while the broader market was still burning, down over 60% that year. The self-custody perpetuals narrative exploded after FTX's failure, and GMX became the hottest fee-revenue token in DeFi. LDO was another standout. In July 2022, LDO pumped about 375% in one month after Ethereum devs confirmed The Merge for September. Then it saw a second spike in early January 2023 as the Shanghai upgrade approached, enabling ETH staking withdrawals. RPL followed a similar liquid staking story but with less drama and shorter outperformance windows. Early 2023, RPL rose about 23% while BTC stayed flat. It also had a strong pre-Merge run in summer 2022 for the same reasons as LDO. I'm still extremely bullish on HYPE and definitely not shorting majors like ZEC, NEAR, or VVV. But here's the reminder: this is normal bear market behavior. FYI, I'll publicly share any short positions if I open them. I genuinely hope your bags are pumping. But this is a gentle reminder from someone who's been through multiple cycles. I'm honestly surprised some people are shocked when any token outperforms while BTC and most large caps have been trending down since October 2025.