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Crypto bull runs historically succeed in bitcoin halving, and as we saw the halving happen this April 20, 2024, the excitement for a potentially massive bull run also moved the market. What can we expect from this upcoming bull run? How will it differ from the bull runs of the past?

Last March 2024, we opened this discussion on a 

 featuring special guests who know a thing or two about historical bull runs. Today, we summarize this discussion in a blog, including a few other market updates as of

Cryptocurrency has witnessed numerous bull runs throughout its history, which most traders call part of the "cycle theory," where unique catalysts and market dynamics mark the beginning or end of each cycle. Here is the chronology of these bull runs before and after the 

BTC as a Safeguard Against Geopolitical and Economic Crises

Amidst economic uncertainties buoyed by the 

, 2011 - 2013 saw Bitcoin as a safeguard. The market considered Bitcoin's potential as a hedge against Tradfi instruments, which the market found unreliable amid increased geopolitical tensions. 

On November 28, 2012, Bitcoin experienced its first halving, reducing the mining reward from 50 to 25 BTC per block. This event was met with uncertainty, as the price of Bitcoin hovered at $12.20, and many worried about potential declines in network performance due to reduced profitability. Following the halving, some miners turned off their rigs to cut costs, temporarily lowering the network's hash rate and difficulty.

Bitcoin’s price trajectory shifted significantly in 2013 as exchanges like Mt. Gox, which handled about 70% of all Bitcoin transactions by the end of 2014, facilitated broader user access to crypto. This accessibility drove increased adoption and engagement within the community.

As more people joined, Bitcoin’s price surged, climbing from just $13 at the beginning of 2013 to over $1,000 by November of that year. This rapid price rise marked a turning point for Bitcoin.

This milestone indicated that halvings tend to boost the network’s strength and support long-term price growth, which established a bullish precedent for 

This bull run took a drastic turn after Mt. Gox kicked off a series of troubles within the space: 

 revealing the loss of over 850,000 BTC, 750,000 of which belonged to Mt. Gox customers. Hackers target more exchanges shortly after, and market sentiment towards BTC and crypto plummets.

Following the turbulence of previous years, including Mt. Gox and the 

, Bitcoin experienced a resurgence from 2015 to 2017, driven by mainstream media coverage and growing adoption. The price surged from $200 to $670, marking a watershed moment in Bitcoin's journey to mainstream recognition.

In September 2017, Bitcoin held steady at around $4,000 before climbing to $5,000 and $6,000 by mid-October. By Nov. 2, it surpassed $7,000 and continued its rapid ascent, breaking $8,000, then $10,000, and reaching over $19,000 by mid-December.

BTC breaking its all-time highs served as the main catalyst for the altcoin-driven crypto bull run in 2017. Market participants, no longer limited to tech-savvy, big-time investors, flocked to major coins like BTC and ETH and newly minted altcoins, which became more mass-driven due to meme-adjacent origins.

During the COVID-19 pandemic, cryptocurrencies experienced unprecedented growth, and there was a surging demand for digital payments and DeFi solutions. To battle the ongoing unrest from extended lockdowns, governments started providing subsidies to families, which prompted people to have additional capital to invest in cryptocurrencies. 

By April 2020, Bitcoin rose above $7,000, reaching over $11,000 in July and $12,000 in August. Bitcoin reached nearly $20,000 in November 2020, fueled by Federal Reserve liquidity and optimism surrounding a COVID-19 vaccine. This bull run, while meteoric, was followed by the 

, highlighting the cyclical nature of the crypto market.

Increased digital engagement led to major crypto innovations that moved the market. Periods marked by rapid growth earn lasting monikers like “

 interest surged in 2021, largely due to increased digital engagement driven by the COVID-19 pandemic. The shift to online platforms, particularly Twitter and Clubhouse, facilitated active NFT communities that generated even more hype and adoption.

 turned major profits with their minted digital tokens.

Bitcoin experienced a significant surge in early 2024, crossing the $60,000 mark, fueled by anticipation surrounding the upcoming halving event and the SEC's approval of U.S.-listed Bitcoin ETFs. This milestone marked a convergence of traditional finance and cryptocurrencies, providing institutional investors a regulated avenue to participate in the Bitcoin market. The combination of regulatory approval and halving anticipation created an overall bullish sentiment.

The current cycle shows gradual liquidity improvements and anticipated Fed rate cuts, which boost market optimism, especially as Bitcoin repeatedly reaches new ATHs. Many attribute this momentum to recent political shifts, including Trump’s re-election and 

Elon Musk’s appointment as Head of DOGE

 (Department of Government Efficiency), signaling a pro-crypto stance. 

Trump’s positive remarks on crypto at Bitcoin Nashville 2024 further fuel anticipation for a crypto-friendly economy. Additionally, the influence of crypto integration with AI and meme coins is expected to drive a strong new altcoin season.

In past crypto bull runs, altcoins typically started moving alongside BTC but then surged and often outpaced BTC once it reached a high level with strong momentum. In previous cycles, BTC has usually taken the lead, with its price growth boosting optimism across the entire crypto sector. 

Initially, most altcoins (aside from large-cap coins) tend to lag behind BTC’s performance as the market waits for BTC’s bull run to build investor confidence and attract more liquidity.

At a certain point, however, catalysts arise that fuel broader altcoin movements. These catalysts mainly include:

Significant shifts in monetary policy, such as a Fed rate cut

New narratives or applications within the crypto space. 

For example, in the 2017 bull run, BTC breaking its all-time highs was the main catalyst for the altcoin season. In the 2020-2021 cycle, the Fed’s large liquidity injection due to COVID and the rise of crypto innovations like “DeFi summer” and NFTs acted as the primary catalysts for altcoin momentum.

The market wants to know how this upcoming bull market will play out, with institutional backing and novel sectors like 

 taking the lead. Will the cyclical nature of bull runs still prevail in the next bull run? Or would it pioneer a new wave of bull runs that challenge history?

Bitcoin and cryptocurrencies run with the seasons, but innovation has been ever-present throughout history. Experts believe a crypto bull run is always on the horizon as long as the world innovates and advances. We’re not seeing the last of it anytime soon.

Crypto bull runs historically succeed bitcoin halvings. What can we expect from this upcoming bull run? How will it differ from the bull runs of the past?

Crypto Bullruns Past and Present

, in which market makers facilitate the buying and selling of digital assets by providing continuous buy and sell orders. They ensure good liquidity, a critical aspect in the decentralized and fragmented characteristics of the crypto market. But what are the popular market-making strategies that make liquidity happen? Let’s talk about it.

Evolution of Market-Making Models in Crypto

Digital assets come in unique shapes and challenges that make it necessary for market-making models to evolve. This was originally a painstaking process, with individuals manually adjusting order prices based on market conditions.

The market shifts and matures through time. Tech adapts to meet ever-changing demands. With the increase in trading volumes, automated market-making (AMM) systems and algorithmic trading became prevalent in this sector of finance. This tech advancement allows market makers to execute trades at high speeds and respond to market changes in real time—further accelerated by blockchain developments, smart contracts, and DeFi.

Designated Market-Making Model vs. Principal Market-Making Model

Further down the road, we have two primarily used market-making models in the crypto space: the 

Designated Market Making Model and the Principal Market Making Model

. Let’s take a look at the difference in this educational video:

These market-making models effectively mitigate slippage and enhance market depth. The difference lies in their risk profiles and levels of engagement for token issuers. With unique characteristics, token issuers can compare the two and decide which aligns with their trading objectives. 

Liquidity: The Role of Crypto Market Makers

What do market makers and these models bring to the table? 

Liquidity is king in any financial market, and the crypto space is no exception. Market makers enhance liquidity by narrowing bid-ask spreads—the differences between the highest price a buyer is willing to pay (bid) and the lowest price a seller is willing to accept (ask). This spread reduction makes it easier for traders to buy or sell assets at fair prices, ultimately attracting more participants.

Liquidity is especially critical for institutional investors and large traders, as it allows them to move in and out of positions without significantly impacting the market price.

We’ve established how market makers keep the market flow using carefully strategized models. What are the implications of an illiquid project without market makers?

 Without a market maker’s involvement, spreads widen, increasing the expense for investors and affecting market efficiency.

 Illiquid projects become more prone to unpredictable price movements, dissuading potential investors.

 Thin order books and limited liquidity can create challenges in promptly matching orders, leading to difficulties entering or exiting positions.

Good market-making that utilizes the right strategies and 

 go hand-in-hand in contributing to the overall stability of the crypto market.

Here's a helpful infographic that might come in handy:

Discover the mechanics of market making, comparing Designated and Principal Models. Explore their pros, cons, and risk profiles of each + a free infographic.

Understanding Market-Making Models in Crypto

The crypto world is buzzing again, but this time, the narrative around Solana (SOL) ETFs carries a distinct and crucial differentiator: staking. Recent filings from financial giants like VanEck and Grayscale aren't just proposing another spot ETF; they're breaking new ground by including staking provisions. This isn't just a bullish signal for SOL. It’s a profound evolution in how traditional finance views and interacts with proof-of-stake assets, and a live stress test for token liquidity.

With the next SEC decision dates for key filings clustering in October and November, market anticipation is intensifying. For token teams and market makers in the Solana ecosystem, these developments aren't merely headlines—they're a critical examination of volatility, spreads, and the very resilience of their token markets.

Note: We don’t manage ETFs or trade securities. We specialize in crypto liquidity strategies—ensuring that when narratives spark sudden inflows, your token’s market is ready to handle them.

A single news story can trigger explosive and usually unpredictable market movements in crypto. The Solana ETF filings with staking provisions are a perfect example. They captured attention and sent capital flowing. This is why this cycle is so different from what we've seen before:

 prospectus states its objective includes staking a portion of the Trust’s SOL, subject to legal/regulatory constraints.

does not stake today and says staking would require satisfaction of a Staking Condition tied to grantor-trust tax treatment.

 (holds LST JitoSOL), underscoring that U.S. vehicles may pursue staking economics one way or another.

 Decision windows cluster in October with additional dates now set in November (e.g., 

 currently do not stake; the SEC just pushed back decisions on staking amendments (e.g., BlackRock) to late October.

So what? If U.S. products can stake, some SOL will migrate to validators, reducing the immediately tradable supply. With ~66% of eligible SOL already staked, any incremental lock-ups from institutional capital matter.

The Liquidity Mechanics: A Founder’s Playbook

Liquidity shocks occur when trading activity exceeds the available depth in an order book, resulting in wider spreads and increased slippage. While often triggered by narrative hype, the staking component amplifies this effect. The journey from ETF filing to a potential decision creates distinct phases of risk.

(Now → Decision): Speculators pile in; liquidity migrates to top venues; smaller books hollow out. Expect wider price swings and more slippage in long-tail pairs as order books get thinner.

(Approve/Deny/Delay): This is the most critical period.

This poses a free-float squeeze risk. The market’s depth must scale incredibly fast, or spreads will gap, and trading will become inefficient.

A relief rally is possible, but liquidity will remain highly concentrated, leaving smaller projects vulnerable.

A "vol crush" can occur, followed by choppy trading. Spreads normalize unevenly, and stranded inventory becomes a real risk for market makers.

 If a product stakes, the available liquid SOL for active trading declines. Order books get thinner, and smaller trades move the price more. DEX LPs take higher impermanent loss during swings, underscoring the need for advanced pool management.

For token projects in the Solana ecosystem, this is a live fire drill. Your market’s resilience will be put to the test. Here are a few actionable steps you can take today:

Pre-seed depth on the top 3–5 venues and pairs your holders actually use. Keep your long-tail venues alive to avoid "orphan prints" (isolated trades with no surrounding liquidity).

Define specific spread ceilings for calm, volatile, and event-driven regimes. Enforce them with automated kill-switches to prevent orders from filling at wildly unfavorable prices during a liquidity shock.

Utilize asymmetric ranges, dynamic fees, and inventory caps to safeguard your liquidity against impermanent loss. Be prepared to top up pools when utilization exceeds a predefined threshold.

Track staked vs. liquid SOL and LST share. Treat the “free float” as a live input to your order book depth targets. This allows you to proactively adjust your liquidity strategy as the available supply shifts.

Know exactly how you will move inventory across venues in 5–15 minute loops when spreads widen. This speed is crucial for maintaining a healthy market.

 Prospectus objective includes potential staking from a portion of SOL.

 S-1 filed, first U.S. S-1 for an ETF backed by an LST (JitoSOL).

 Staking prohibited unless the Staking Condition is satisfied.

 Franklin Templeton SOL ETF next decision date Nov 14, 2025.

 Staking amendments (e.g., BlackRock) pushed to late October.

Bottom Line: Control the Liquidity, Navigate the Narrative, Master the Staking Impact

The Solana ETF filings, with their groundbreaking inclusion of staking, aren't just reshaping how token liquidity behaves under pressure; they're redefining it. These proposals represent a significant maturation of the crypto market, but they also introduce new variables into the liquidity equation.

You can’t control headlines or the SEC’s timeline—and you certainly can't control whether institutional capital decides to stake—but you can control how your market handles these powerful forces. Ensure your token's market is ready to thrive, not just survive, in this new, staking-infused ETF era.

Staking ETFs are changing market dynamics. 

 how a robust liquidity framework can help your token thrive.

Stability In Volatility: Why Crypto Market Makers Matter

Should Crypto Exchanges Play a Role in Market Making?

The Solana staking ETF is redefining market liquidity. Understand the mechanics behind this new challenge and learn how to prepare your project for the coming shifts. Read more...

Token liquidity is an essential aspect of any blockchain-based ecosystem, and it refers to the ease with which a particular token can be bought or sold on an exchange without affecting its market price significantly. In other words, liquidity refers to the ability to convert a token into cash or another cryptocurrency quickly and easily.

Example: Think of it as if buying a car: As a buyer, you want to be able to purchase a car ASAP while its market value is still pretty low, however, the sellers of that car are taking a long time to respond, because no one seems to be available to sell it even though the car is just sitting there, untouched. Finally, someone approached you that the car could be sold after all, but here’s the catch, the price increased! Because the waiting time is so long, the market value of the car has increased, and now you have to pay more than what you initially wanted to buy it for! #yikes

Token liquidity is an essential aspect of any blockchain-based ecosystem, and it refers to the ease with which a particular token can be bought or sold...