Bull Market

A bull market is a sustained uptrend in asset prices, conventionally marked by a 20%+ rise from recent lows. Crypto bull markets are exceptional in magnitude — 5x to 10x gains over 12-24 months are not unusual. The most recent cycles peaked in late 2017, late 2021, and early 2025.

During bull markets, holders face a different problem than bear markets: realizing gains triggers significant capital gains tax. A long-term holder with 10x appreciation sells $200K to fund a down payment and ends up with ~$155K after federal long-term capital gains tax — losing $45K to taxes.

Why it matters for Milo customers

Bull markets are when Milo's crypto-backed products generate the most value. Borrowing against $200K of Bitcoin to fund a home purchase keeps the position intact (no tax event) and preserves continued upside. If Bitcoin doubles during the loan term, the borrower captures all the appreciation.

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