$BTC $Bitcoin's next leg up might feel… different. Analyst Benson Sun says this cycle won't mirror 2013 or 2017's explosive parabolic runs. Instead, expect a slower, steadier climb with multiple local peaks before the final top. Why the shift? The buyer profile has changed. Since 2021, the dominant force isn't retail FOMO—it's institutions: public companies, spot ETFs, and corporate treasuries. These players buy spot, use delta-neutral strategies, and don't chase leverage the same way. Sun tracks this with his "Institutional Liquidity Index" (ILI). A "yellow divergence" (BTC makes a 30-day high, ILI doesn't) signals late-cycle caution. A "red divergence" (BTC breaks ATH, ILI drops below 50) = major top warning. Translation: traditional过热 indicators (MVRV Z-Score, funding rates) may never hit 2021 extremes. The real top signal? When institutions can no longer keep funding the rally. Are you positioning for a slow grind or one last moonshot? #Bitcoin #BTC #Institutions #ETF #BullMarket