The rally we anticipated doesn't quite match reality. Where's the explosive growth that typically marks a proper bull cycle? Token prices are edging up, but the momentum feels different—less euphoric, more cautious. Trading volumes aren't showing the conviction we'd expect when markets truly break out. Institutional adoption narratives are strong, yet retail participation seems muted. Either the bullrun playbook has fundamentally shifted, or we're still in a prolonged accumulation phase that will eventually explode. The question for traders: are we genuinely underestimating this cycle's structure, or have our expectations simply outpaced the actual market conditions?