Cryptomarkets are just as immature as the last bullrun.

Institutional adoption.

All sorts of banks and institutions rolled out crypto products to sell to their customers, to be shelved until the next run arrives. This isn't new, exactly the same thing happened last run. There's no real buying pressure from institutional investors either, Grayscales' shares have traded at a negative premium for the past two months (recovered slightly on some days). GrayScale Bitcoin Trust’s (GBTC) premium fell to -20.48% on Wednesday, May 12, according to cryptocurrency data tracker YCharts. This is the lowest ever point for Grayscale’s flagship product, and means that those investors who bought the fund’s shares in the past are suffering losses. Institutions have historically accounted for a majority of Grayscale inflows. This was especially true in Q4, 2020 as institutions accounted for 93% of capital inflows, or $3.0 billion. If there was any real buying pressure from institutions the premium wouldn't dip to -20%, let alone in a bullrun.

An immature market.

Just go to almost any crypto-specific subreddit and you'll get what I'm talking about. Almost nobody cares about tech, just about ''filthy fiat''. Celebrities with thousands of followers shilling shitty memecoins, a billionaire who manipulates the markets at its will, China FUD, making coins trending on Twitter, ''this time will be different'', and I can go on and on. It's all focussed on the idea of sucking as many new people into their coin, to later dump onto the ''Greater Fool''. Crypto was meant to be used, not being hoarded. Until a simple 140 character tweet won't move the market with billions of dollars I don't expect any real adoption (ofc there's some projects having some success in adoption, just very very little compared to the total crypto marketcap).