@gilesmond
Past Bitcoin bull cycles share common structural traits. Each rally involved rising institutional participation, surging retail inflows, and leverage expansion in derivatives. Narrative catalysts—such as halving events, ETF approvals, or macro liquidity shifts—helped drive cycles. Additionally, inflows into stablecoins consistently preceded parabolic price action. Comparing today, institutional inflows are stronger than ever, with ETFs providing structural demand. Retail enthusiasm appears to be building but hasn’t peaked yet. Derivatives leverage is also rising. These similarities suggest current conditions mirror past bull runs, implying the potential for another sustained uptrend.
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