According to @AltcoinDaily, this cycle differs because structural drivers now dominate crypto market flows, led by the launch of US spot BTC ETFs in January 2024 that introduced regulated creations and redemptions and new institutional demand, which did not exist in prior cycles, source: U.S. Securities and Exchange Commission approval orders dated Jan 10, 2024. Bitcoin’s April 2024 halving reduced the block subsidy to 3.125 BTC at block 840000, altering miner issuance and potential sell pressure compared with earlier cycles, source: Bitcoin blockchain data via mempool.space block 840000 on Apr 20, 2024. The SEC’s May 23, 2024 approval of 19b-4 filings for spot ETH ETFs opened a new channel for institutional ETH exposure and changed the flow mix this cycle, source: U.S. Securities and Exchange Commission approval orders dated May 23, 2024. For trading, monitoring daily ETF creations and redemptions from issuers to gauge net inflows and outflows, tracking on-chain miner balances after the halving, and following the Federal Reserve’s policy rate path to assess risk appetite can improve positioning versus prior cycles, sources: issuer disclosures from iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund, on-chain analytics from Coin Metrics, and Federal Reserve FOMC statements maintaining the target range at 5.25 to 5.50 percent across 2024.