Bitcoin Shatters $94,000: Defining When Was the Last Crypto Bull Run Amid New Peaks
The crypto market entered uncharted territory earlier this week as Bitcoin surged past the $94,000 mark, fueled by the launch of options trading for BlackRock’s spot Bitcoin ETF. For many investors currently watching their portfolios climb, the central question is no longer just about the future, but about context: when was the last crypto bull run and how does it compare to the massive institutional wave we are seeing today? While the 2021 era was defined by retail FOMO and NFTs, the current breakout suggests a fundamentally different structure driven by Wall Street integration and sophisticated financial instruments.
The 2021 Peak vs. The 2024 Breakout
To understand the current momentum, we have to look back at the double-top cycle of 2021. That year is widely cited as the last major crypto bull run, peaking in November 2021 when Bitcoin reached approximately $69,000. That period was characterized by massive stimulus liquidity, the explosion of DeFi Summer, and the cultural phenomenon of digital collectibles. However, that run was followed by a brutal 2022 deleveraging event that wiped out major centralized lenders and exchanges, leading to a long period of consolidation that only truly broke with the approval of spot ETFs in early 2024.
Today’s market reaction is noticeably different. Unlike the speculative frenzy of 2021, the current price action is being supported by massive inflows into regulated products. The introduction of Bitcoin ETF options on the Nasdaq yesterday provided a new layer of liquidity and hedging capabilities for institutional players, allowing them to stay in the market with more complex strategies. This shift toward institutionalization is why many analysts argue that while the 2021 bull run felt like a sprint, the current move feels like the start of a marathon.
Why This Shift Toward On-chain Reality Matters
This transition from pure speculation to institutional adoption changes how retail participants interact with the market. In 2021, many users were locked into centralized platforms that ultimately failed. In the current environment, there is a growing emphasis on self-custody and direct on-chain interaction. As users move away from high-risk centralized entities, the demand for secure, multi-chain self-custody wallets like Bitget Wallet has skyrocketed. These tools allow users to maintain control of their private keys while navigating the same liquidity that institutions are now chasing.
The current narrative is also being shaped by the "Trump Trade"—a belief that a more crypto-friendly US administration will ease regulatory pressures. This has fueled a surge not just in Bitcoin, but across the entire Ethereum and Solana ecosystems. As liquidity rotates through different networks, the need for a unified interface becomes critical. Multi-chain wallets like Bitget Wallet have become the practical interface for this activity, enabling users to swap assets across dozens of blockchains without needing to return to a centralized exchange.
What Users Should Consider Doing Next
With Bitcoin hovering near the six-figure mark, the temptation to chase green candles is high. However, the lessons from the last crypto bull run in 2021 remind us that volatility is the only constant. Experienced traders are now focusing on "smart" exposure—diversifying across Layer 2 solutions, exploring liquid staking, and ensuring their assets are not sitting idle on exchanges. For users who want to act on these trends while keeping absolute control of their assets, Bitget Wallet provides a streamlined way to manage tokens across different networks and dApps, offering a much-needed layer of security in a fast-moving market.
As we look forward, the focus is likely to shift toward the "utility" phase of the bull run. This includes the expansion of Real World Assets (RWA) and the further integration of crypto into daily payments. The infrastructure is finally catching up to the hype; for example, the user-friendly on-chain finance gateway Bitget Wallet simplifies these complex interactions, making it easier for non-expert users to participate in decentralized finance without the steep learning curve seen in previous years.
Conclusion: A New Chapter for Digital Assets
The answer to when was the last crypto bull run serves as a reminder of how far the industry has matured. The 2021 cycle was a test of resilience, while 2024 is becoming a test of scale. With institutional products now firmly in place and on-chain tools becoming more accessible, the current market structure looks more robust than ever before. Whether this leads to a sustained "super-cycle" or another volatile peak, the move toward self-custody and multi-chain flexibility ensures that this time, the power remains in the hands of the users.