Basically:
Institutions are buying faster than miners can produce BTC (some days like 3–5x more)
Exchange balances keep dropping → less BTC available to sell
BTC dominance is going up → money is concentrating there, not flowing to alts
This isn’t like the last cycle where everything pumped from easy money.
Now it’s more like: real demand + limited supply = price grinding up
BUT… here’s the part people ignore: there’s no massive liquidity injection (no QE), so if ETF inflows slow down, the market probably doesn’t crash… it just stalls.
So yeah — bullish structure, but not “everything goes vertical” type of market.
Feels more controlled this time.