This bull run will be structurally very different from the last one. Essentially, it's a bull market driven by the tokenization of financial assets, with three distinct types of buyers: 1. Institutional buyers. They're buying the assets shown in the chart. 2. Smart money buyers. They're going for on-chain tokens with real revenue, buybacks, and burns. 3. Dumb money buyers. They're chasing MEMEs, betting on a miracle turnaround. As for old VC coins, there's no buying there, only bag holding.