When discussing market cycles, the behavior of marginal buyers is often the key. This is no coincidence—it directly influences our understanding of the overall market dynamics.

Looking at the assets that truly performed strongly in the early stages of this cycle, it becomes clear: BTC and ETH have become the leaders, along with a few other tokens that also gained strength. What is the driving force behind this? The participation of institutional investors. When institutions start to position themselves in these top assets, the market landscape also changes accordingly. Their entry not only pushes prices higher but, more importantly, rewrites market expectations. Understanding who is buying and at what price levels can often help you see the next move clearly.