@zebulonaledk
Compared to the last peak, Bitcoin’s current market structure shows several key differences. Institutional involvement is much deeper, driven by spot Bitcoin ETFs, publicly traded companies holding BTC on their balance sheets, and larger regulated custodians. On-chain metrics reveal a higher proportion of coins held by long-term holders, reducing available supply for trading. Derivatives market liquidity is broader, with options volume surpassing prior cycles, allowing for more sophisticated hedging strategies. Additionally, macro participation has expanded—Bitcoin is increasingly discussed alongside gold and equities as part of diversified portfolios. Unlike in the previous peak, where retail-driven momentum dominated, today’s market has stronger fundamental underpinnings and deeper capital pools. This structural shift could make rallies more sustainable, though corrections will still be sharp due to crypto’s inherent volatility.
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