New highs. Familiar questions.

Bitcoin hit a record this week, but the conversation feels different. Where is the crowd? In 2021, highs were driven by retail, speculation, and leverage.

This cycle looks more institutional, ETFs, treasury allocations, and regulated entities seem to be driving most of the momentum.

A new high doesn't mean the cycle resets, it means crypto has new participants and deeper infrastructure.

Spot ETFs now handle billions in volume. Custody, reporting, and derivatives all follow specific rules. Liquidity is more regulated, and not so much on offshore exchanges.

The market is maturing, and capital is staying in the system instead of trading around it.