Bitcoin Bulls May Be in for a Long Haul

Crypto analyst and former FTX community partner Benson Sun believes that Bitcoin's current bull cycle may unfold differently than past cycles. He suggests that BTC could reach new highs slowly and steadily, unlike the rapid rallies seen in 2013 and 2017.

Sun attributes this change to a shift in investor profile, noting that since 2021, individual investors have given way to larger players such as publicly traded companies, spot Bitcoin ETFs, and institutional treasuries. As a result, traditional indicators like funding rates and MVRV Z-Score may not reach extreme levels.

Sun uses an indicator called the 'Institutional Liquidity Index' (ILI) to track whether institutional funds are following the market as Bitcoin reaches new highs. He notes that when Bitcoin hits a new 30-day high but the ILI does not rise, it's time for him to reassess his portfolio.