Ultimate Review: How is this bull run different from the past? Institutions have changed the rules of the game.

Having been in the crypto space for 5 years, I experienced the craziness of the 2020-2021 bull run and witnessed the crash of 2022. Now, with the market in 2025, I feel some fundamental changes.
The biggest change: institutions have become the dominant force.
The bull run from 2020 to 2021 was mainly driven by retail investors' FOMO. Everyone was calling out trades on Twitter and sharing stories of getting rich in Telegram groups, leading to more and more people pouring in.
But this time it's different.
Look at the data: Since 2025, digital asset funds have inflowed $48.7 billion. What does this mean? It is equivalent to $150 million of institutional funds flowing in daily.
2020-2025 bull run capital source comparison
The entry of institutions has changed the operational logic of the market:
1. Volatility decreases (relatively speaking)
In 2020, BTC rose from $3,800 to $64,000, an increase of 16 times, but experienced pullbacks of 40-50% occasionally.
In 2025, BTC increased from $15,000 to $115,000, a rise of 7.6 times, with most pullbacks in the range of 20-30%.
Why? Because institutions do not panic sell like retail investors. They have risk control and strategies, and they actually increase their positions during a crash.
The times have changed!#今日你看涨还是看跌？