One of the dominant narratives this cycle has been that “this time is different.” With institutional adoption reshaping Bitcoin’s supply and demand dynamics, many argue that we won’t see the kind of euphoric blowoff top that defined past cycles. Instead, the idea is that smart money and ETFs will smooth out volatility, replacing mania with maturity. But is that really the case?

Sentiment Drives Markets, Even for Institutions

Skeptics often dismiss tools like the Fear and Greed Index as too simplistic, arguing that they can’t capture the nuance of institutional flows. But writing off sentiment ignores a fundamental truth that institutions are still run by people, and people…

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