So crypto might actually be entering a real bull market phase. After that brutal 44% drawdown from October through late February, analysts are starting to think we've hit bottom and something structural has shifted.

Clear Street's Owen Lau just put out a note saying the recent moves could signal an inflection point for the industry. What's interesting is it's not just price action—there's actual momentum building on multiple fronts. Trump's pushing hard on the CLARITY Act, which could finally get Congressional traction by summer. That's the kind of regulatory clarity the market has been waiting for.

But here's where it gets real: infrastructure is actually integrating now. You've got traditional finance firms like Morgan Stanley naming institutional custodians for their spot Bitcoin ETF, and the banking side is opening up too. That's not hype, that's structural adoption happening.

Bitcoin's been pushing higher—we're seeing around $74K now with solid weekly gains. The question everyone's asking is whether this is the start of a sustained bull market or just another trap. Some traders are pointing to overhead resistance and heavy derivatives positioning as warning signs that could reverse things quickly.

Lau's take is different though. He thinks the confluence of policy wins, institutional integration, and rising participation from major players actually means this run has real legs. The sentiment has definitely shifted from the depths of crypto winter, and when you combine that with actual regulatory progress and traditional finance getting serious about custody and infrastructure, the conditions for a bull market actually look pretty solid.

Rave token has been the wild card—up nearly 5,000% over the past month, briefly cracking the top 50 by market cap. Whether that's sustainable or just speculative excess is another question, but it shows capital is flowing back into the space.

The real test is whether this rally can hold above the key levels and attract sustained institutional buying rather than just quick traders looking for a quick move. If the policy momentum continues and we keep seeing integration like the Fed master account access, then yeah, we might actually be looking at the beginning of a legitimate bull market cycle.