# Bitcoin’s Evolution from Cycles to Secular Growth

**Greg Cipolaro**  
*August 6, 2025*

## Download the full letter to print or read anytime

[Download](https://www.nydig.com/research/on-bitcoins-evolution-from-cycles-to-secular-growth#)

[Download](https://40697226.fs1.hubspotusercontent-na1.net/hubfs/40697226/Stone%20Ridge%202025%20Investor%20Letter.pdf)

On bitcoin’s evolution from cycles to secular growth from Stone Ridge Asset Management on Vimeo

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