#Bitcoin is more mature and sophisticated.

One interesting aspect of this cycle is the limitation of realized losses.

Although we are following a path similar to previous bull markets, capitulations have been significantly smaller. This suggests a more mature approach to the market cycle, as well as a more strategic allocation driven by the strong entry of institutional players.

Curiously, while BTC approaches $100K, many investors overloaded with shitcoins and memecoins are experiencing a sense of despair.

This cycle will separate the seasoned from the naive.