This bull run doesn't play by the old rules. ETFs have fundamentally changed the game—institutional money can now move markets with unprecedented ease. What used to take coordinated whale activity now happens through a few massive fund flows. The liquidity and accessibility that ETFs bring? It's a double-edged sword. Sure, it democratized access to Bitcoin and Ethereum, but it also handed price discovery over to whoever controls the biggest capital pools. The structural dynamics are nothing like previous cycles.