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Why the Next Crypto Bull Market Might NOT Be Like the Last - Binance

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00:00If you follow the crypto markets, you'll know all about market cycles, and by most standards,

00:052021 was a great bull market year. Fast forward to 2025, it's been record-breaking. But if we

00:12look closely, there are some key differences between today and the last bull market, and the

00:17reasons why it might surprise you. Keep watching to find out why this bull market could be different

00:22to last. Welcome back to the Binance Studios. My name is Jessica, and if you are new to the channel,

00:27make sure to subscribe so you don't miss more crypto videos like this. Now, back to the topic

00:32at hand. When it comes to market cycles within crypto, it's worth looking at market catalysts

00:38and drivers. In 2025, the drivers have been very different to previous years. Back in 2021,

00:44the headlines were dominated by hype, from record-breaking NFT sales to celebrity endorsements

00:50in the metaverse. Momentum was high. In 2025, however, the headlines are being written by

00:55institutions, from Bitcoin ETFs to stablecoin rails, to public companies stacking up on crypto on their

01:02balance sheets. This is a market that looks and feels different. Remember Michael Saylor's Bitcoin

01:07buying at the peak of 2021? Michael Saylor and Strategy held 120,000 BTC, and that felt massive at

01:15the time. Fast forward to today, MicroStrategy holds more than 226,000 Bitcoin, and they're far from alone.

01:22In 2021, corporate adoption was rare, but by 2025, over 140 publicly listed companies now hold Bitcoin

01:30on their balance sheet, more than double of last year. And the expansion hasn't stopped at corporations.

01:36Governments are joining in. Bhutan, the US, and countries across Asia have quietly begun building

01:41strategic crypto reserves, treating Bitcoin, BNB, and even stablecoins as part of their financial

01:48toolkit. Meanwhile, governments are experimenting with on-chain data and stablecoins are powering

01:53day-to-day payments. In short, 2021 was retail hype, but 2025 is where institutional integration

02:01happens. And nowhere is that clearer now than in how the market is performing. This cycle also is not

02:07just a one-coin story. Bitcoin does remain the anchor, but capital is flowing into assets and projects

02:13with clear utility. For example, Ethereum has surged on record ETF inflows and corporate treasury

02:18demand. Chainlink has made headlines when the US government uses Oracle to publish GDP data on-chain.

02:25Solana continues to climb, boosted by major upgrades like Alpenglow. So there you have it,

02:30the key difference. Unlike earlier cycles, momentum isn't concentrated in just one asset. This growth

02:36this time is broader, spanning infrastructure, real-world adoption, and institutional-grade

02:42narratives. And this broadening effect that we're seeing is perhaps the most obvious in DeFi. DeFi

02:47isn't just bouncing back, it seems to be maturing. Ethereum does still anchor nearly 60% of its total

02:54value lock, but Solana and other chains are carving out market share. Stablecoin legislation is in place

02:59in numerous key jurisdictions, fueling on-chain payments. And new models like Athena's USDE

03:05are testing some fresh stablecoin structures. And as institutional capital pours into tokenized

03:11treasuries and on-chain lending, DeFi is shifting from a high-risk experiment to a regulated yield-bearing

03:17layer of global finance. Which brings us to the bigger picture, why this cycle doesn't just look

03:22different, it feels different. If we take a step back, there are three narratives that really clearly

03:26define this bull run. Number one, Bitcoin as digital capital. To understand Bitcoin's evolution,

03:32consider this. In 2011, an iPhone 4S cost 162 BTC. Today, the iPhone 17 costs less than 0.01 BTC.

03:42That's not just price appreciation, it's showing that it pays to hold Bitcoin over the long term.

03:47Bitcoin is now recognized by regulators, corporations, and institutions as digital capital. Like gold,

03:54but in many ways, could be considered stronger. Number two, stablecoins as financial rails.

03:59Stablecoin supply has surged to $161 billion. Across Latin America and Africa, they're already

04:05being used for daily payments, savings, and remittances. This is adoption at scale,

04:11with stablecoins fast becoming the foundation of the digital economy.

04:14And number three, institutional demand. Reshaping markets, the spot Bitcoin ETFs have seen

04:20$13.7 billion in inflows this year, while gold ETFs lost $18 billion.

04:25The message is clear. Institutions are reallocating capital and treating Bitcoin as a macro hedge

04:31alongside equities, bonds, and gold. And it doesn't start with Bitcoin. Corporate treasuries are

04:36holding millions of ETH, while public companies are doubling down on crypto adoption. So what sets

04:42this bull run apart? While the last cycle, frenzy, was all retail speculation, but this one seems to be

04:47built on institutional conviction. With governments, corporations, and capital embracing crypto,

04:53the 2025 bull market is not just another chapter in the story. It could be the beginning of a whole

04:59new era. It certainly sounds exciting, but I want to ask you all watching, what do you think?

05:04Let us know in the comments below.

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