Bitwise CIO Matt Hougan calling a different type of bull run this time:

• Slower grind, less volatility

• Institutional money replacing degen speculation

• ETF flows becoming the real bid

• Long-term capital stacking, not flipping

Most retail still expecting 2021-style face rippers.

Hougan's not buying it. Neither am I.

The game changed. Adapt or get left holding bags while institutions accumulate your exit liquidity.