The worst bull run ever? How institutions, memes, and macro turned crypto’s glory cycle into a grind.For a market supposedly in a bull run, it doesn’t feel like one. Sure, Bitcoin may have set a couple of record highs this cycle, but the rallies have been uneventfully yawn-inducing, and the corrections have been savage. Altcoins are down 90% or more. Retail has vanished. And even the diehards are wondering if this so-called bull cycle deserves the name at all. This is, by many accounts, the hardest bull market crypto has ever seen. Bitcoin has doubled since its 2023 lows, but the soul of the market feels hollowed out. What happened? Altcoin trader “Crypto Birb” breaks it down into three main reasons.