With regard to Bitcoin mining, bear in mind that the cycles are not the same. It is possible to see a clear change in the type of holders. Large institutions are the major players now.
That’s the key distinction of this current cycle. We’re no longer in a market driven purely by retail speculation or short-term hype. The presence of institutional holders, corporate treasuries, and ETF flows has reshaped Bitcoin’s market structure entirely.
What we’re witnessing is a gradual institutionalization of conviction: Bitcoin being treated less as a trade and more as a strategic reserve asset. This shift naturally brings lower volatility, deeper liquidity, and a steadier price discovery process.
In other words, the narrative has matured — from “get rich quick” to “preserve value long term.” That evolution is precisely what makes this cycle fundamentally different from every one before it.
#Bitcoin #PlanB