This is what makes this bull market fundamentally different The institutional adoption story has seen more “real” buying than speculative leveraged buyers That’s helping reduce volatility and making this bull market more sustainable It’s also reflective of a still relative lack of retail participation We haven’t hit the crazy leverage and speculation that characterised other bull runs Perhaps that came more in the memecoin space? I’m sure we’ll still get that speculative frenzy at some point and things get a little silly For now, this is a very orderly run higher driven by real demand as institutional, corporate and sovereign buyers come in Given how early we are in that adoption process with such a small percent of insti’s holding crypto and those that do holding only a small percentage, this is another reason why this 4 year cycle is likely broken Especially now 401k’s can start buying crypto There’s just a persistent wave of new demand coming into this market, accelerated by the Trump admin opening crypto to the institutions Structurally this is a very different market Demand supply 101 If you’re calling for the end of this bull market, you’re implicitly making a call that this demand story fades We happen think it’s just getting started