The Mirage of Familiarity

Bitcoin at $107K.
S&P 500 breaking all-time highs.
ETF flows climbing.
Macro indicators cooling.

To the casual observer, it looks like a repeat of late 2020 or early 2021. The market is rising. The charts are green. The headlines have returned.

But beneath the surface, this cycle could not be more different.

And treating it like a rerun of 2021 is more than just lazy analysis. It risks completely missing the setup.