Bitcoin’s Stealth Bull Run: The Slow Burn Rally Defying Volatility Clichés

Forget moon shots—Bitcoin’s grinding its way to new highs without the usual drama. No parabolic spikes, just relentless upward pressure that’s leaving traders equal parts thrilled and unnerved.

The tortoise beats the hare

This isn’t your 2017-style hype cycle. Institutional adoption and ETF inflows are creating a stability even the most cynical quant funds can’t ignore—though they’ll still charge 2-and-20 for the privilege.

Liquidity without the fireworks

The market’s deeper, derivatives are tamer, and retail FOMO is suspiciously absent. Either we’ve all grown up, or the real players finally outnumber the degenerates.

One thing’s clear: When Wall Street’s pet rock starts behaving like a boring blue-chip, somebody’s getting rich quietly. Probably the same guys who always do.

Institutional Investors Transformed the Market Nature

The NUPL metric essentially gauges the market’s overall profitability. When it’s high, many investors hold significant unrealized profits, which increases the temptation to sell and take profits.

“Historically, NUPL peaks have been a remarkably accurate signal for market cycle tops. The 2017 cycle had one massive peak. The 2021 cycle had two. In the current cycle, NUPL appears to be attempting a third peak. What we’re seeing now is new.”

Yonsei_dent attributes this fundamental shift to the influx of institutional capital, particularly through the successful US-based spot Bitcoin ETFs. This new source of demand is more consistent and less speculative than the retail-driven frenzy of past cycles.

“The ETFs have been a game-changer,” the analyst noted. “They bring a stabilizing force and immense liquidity.”

This new stability, however, comes at a price. While the market is larger and less volatile, the analysis shows that the percentage gains during each successive rally in this cycle have gradually decreased.

“The era of frenzied, 100x rallies in a short period might be behind us. The data suggests we are entering a new paradigm. Bull markets may last longer and be built on a more solid foundation, but investors should adjust their expectations for the kind of sharp, overheated gains we saw in the past.”