In May 2025, Bitcoin smashed through the $111,000 mark, setting a new all-time high and reigniting excitement across global markets. The rally coincided with the 15th anniversary of Bitcoin Pizza Day, a moment symbolic of how far crypto has come, from a 10,000 BTC pizza purchase to a trillion-dollar asset class. Adding to the buzz, prominent analyst PlanB reaffirmed his long-standing Stock-to-Flow (S2F) model, projecting that Bitcoin could reach $1 million per coin by the end of this bull cycle.
Bitcoin is now up over 85% year-to-date, with over $14 billion in net inflows into U.S.-listed spot Bitcoin ETFs since January 2025. Institutional adoption has hit new highs, driven by investment moves from JPMorgan Chase, BlackRock, and MicroStrategy, while retail sentiment is being fueled by macro and policy tailwinds.
Momentum is being shaped by real structural shifts: the approval of spot Bitcoin ETFs, the GENIUS Act progressing through Congress to regulate stablecoins, and a post-halving supply shock that has tightened BTC issuance. As these forces converge, many analysts are calling this the beginning of a new crypto bull run, one that could redefine market dynamics in 2025 and beyond.
What Is a Crypto Bull Run?
A crypto bull run refers to an extended period, typically weeks or months, during which the overall cryptocurrency market experiences sharp and sustained price increases, led primarily by Bitcoin and often followed by altcoins. This phase is driven by strong investor optimism, increased trading volumes, and positive market sentiment indicators like a Bitcoin Fear & Greed Index above 75 (Extreme Greed), or Bitcoin dominance rising above 50%, signaling institutional inflows.
Bull runs are also marked by increased Google search trends, rising funding rates in perpetual futures, and rapid growth in total crypto market capitalization, often exceeding $1 trillion in gains within months. The term "bull" originates from the upward thrust of a bull’s horns, reflecting the prevailing upward momentum in prices and sentiment.
A Recap of Historical Bull Runs in the Crypto Market
Previous bull runs in the crypto market | Source: RedditUnderstanding past crypto bull runs can provide valuable insights into market behavior and investor sentiment. Let's explore three significant bull runs that have shaped the cryptocurrency landscape:
1. 2012 Bull Run: The First Major Price Explosion
The first real Bitcoin bull run took place in late 2012 into early 2013, when BTC surged from around $5 to over $260 within just a few months, a staggering increase of over 5,000%. This rally followed Bitcoin’s first halving event in November 2012, when mining rewards dropped from 50 to 25 BTC per block, triggering a supply shock.
During this period, Bitcoin began gaining traction on forums like Bitcointalk and platforms like Mt. Gox. The rise was also driven by early media coverage, growing interest from libertarian communities, and grassroots enthusiasm about decentralized money. Though the run ended in a sharp correction, it proved that Bitcoin had market potential and a growing user base, setting the stage for future bull cycles.
2. 2017 Bull Run: Bitcoin's Rise to Nearly $20,000
In 2017, Bitcoin went from a niche digital currency to a household name. Starting the year at around $1,000, it climbed to nearly $20,000 by December, a 1,900% surge that stunned even seasoned investors. This rally was fueled by the Initial Coin Offering (ICO) boom, where thousands of new tokens launched on Ethereum, creating excitement and speculation.
Media coverage exploded, bringing Bitcoin into the spotlight. Retail investors poured in, often without fully understanding the technology. While this bull run ended with a sharp correction in early 2018, it laid the foundation for widespread crypto awareness and future adoption.
3. 2021 Bull Run: Institutional Adoption and DeFi Growth
The 2021 bull run marked a turning point: Wall Street started paying attention. Companies like Tesla, Square, and MicroStrategy made multi-billion-dollar Bitcoin purchases. At the same time, Decentralized finance (DeFi) platforms were gaining traction, allowing users to lend, borrow, and earn yield without traditional banks.
In addition to the DeFi summer of 2020-21, NFTs also entered the scene, introducing digital ownership to the masses. Bitcoin hit a new all-time high of around $69,000 in November 2021, while Ethereum and other altcoins followed with record-breaking rallies. Institutional trust, real-world use cases, and speculative enthusiasm made this one of the most transformative bull runs in crypto history.
Key Phases of a Crypto Bull Run
Main stages of a bull run in crypto | Source: @thedefiedge on XUnderstanding a crypto bull run means recognizing that it's not just one long upward movement; it unfolds in phases. Each stage tells a different story about investor behavior and market momentum.
1. Accumulation Phase: This is where the bull run begins quietly. Prices are low or moving sideways, and only early believers or institutional players start buying. At this point, market sentiment is neutral or even slightly bearish, but savvy investors see long-term potential and begin accumulating assets at lower prices.
2. Markup Phase (Early Bull Run): As more participants notice rising prices and positive news, excitement builds. The market experiences a sharp uptick in demand, pushing prices higher at a faster rate. This is often when mainstream attention kicks in, and retail investors rush in, fueling rapid growth and wider adoption.
3. Distribution Phase (Decline): Now that prices have surged, early investors start taking profits. This leads to increased volatility, as some participants exit while others still expect prices to climb. Conflicting market behavior creates choppy price movements, and the overall uptrend begins to slow.
4. Markdown Phase (Accumulation Again): Eventually, the market shifts. Selling pressure outweighs demand, and prices begin to decline. This phase marks the end of the bull run. Some investors panic and sell off their holdings, contributing to further downward momentum. The market resets, and a new cycle begins.
The 2025 Bull Run: Crypto ETFs, Regulation, and New Market Drivers
As of May 2025, Bitcoin has shattered previous records, crossing $111,000 for the first time. But this isn’t just another speculative surge; it's a bull run driven by clear structural changes in the wider crypto market.
What's Driving the 2025 Crypto Bull Run?
Here are some of the key factors that support the bull run seen in Bitcoin and other leading cryptocurrencies since 2024:
1. Spot Bitcoin ETF Approval (January 2024): In January 2024, the U.S. Securities and Exchange Commission (SEC) approved the first batch of spot Bitcoin ETFs, opening the floodgates for institutional capital. Products from BlackRock, Fidelity, and others brought Bitcoin to traditional brokerage accounts, enabling pension funds, asset managers, and retail investors to gain exposure without direct custody. This move legitimized Bitcoin as a mainstream investment.
2. Fourth Bitcoin Halving (April 2024): In April 2024, the fourth Bitcoin halving event reduced miner rewards from 6.25 BTC to 3.125 BTC per block. Historically, halvings lead to supply shocks that push prices higher. As new supply tightened, investor demand continued to grow, amplifying bullish momentum.
Bitcoin halving and bull run cycles: a timeline | Source: CoinDesk3. Regulatory Clarity and the GENIUS Act: The proposed GENIUS Act, aimed at regulating stablecoins and supporting blockchain innovation, has passed its early Senate votes and signals a more crypto-friendly U.S. regulatory stance. The market responded positively, with increased ETF flows and greater institutional engagement in compliant DeFi protocols.
4. Strategic Bitcoin Reserves: Following in MicroStrategy's footsteps, several global corporations and even sovereign wealth funds have started to allocate reserves to Bitcoin. Rumors of central banks exploring Bitcoin as a hedge against fiat depreciation have further supported long-term price outlooks.
5. Trump’s Crypto-Positive Campaign: With Donald Trump back in office, crypto markets have rallied behind his pro-blockchain rhetoric. His administration has hinted at reducing regulatory friction, expanding mining incentives, and supporting U.S.-based crypto innovation. This has encouraged a more risk-on environment for American investors.
6. Macroeconomic Tailwinds: Falling interest rates, a recovering global economy, and declining inflation have renewed risk appetite across asset classes. In this environment, Bitcoin has reasserted itself as a digital store of value, attracting both traditional investors and crypto-native users. Adding to the momentum, a significant rise in M2 money supply, which includes cash, checking deposits, and easily convertible near money. has raised concerns about long-term fiat currency dilution. As central banks continue expansionary monetary policies, more investors are turning to Bitcoin as a hedge against inflation and monetary debasement.
7. Real-World Asset (RWA) Tokenization and More Use Cases: One of the most significant trends fueling the 2025 bull run is the growing adoption of blockchain for real-world use cases. Tokenization of real-world assets (RWAs), such as bonds, real estate, and private equity, has gained traction across both public and permissioned blockchains. Institutions like Franklin Templeton, BlackRock, and HSBC have launched RWA initiatives, demonstrating that crypto isn’t just about speculative trading; it’s becoming core infrastructure for global financial markets. This shift is attracting new investor classes and unlocking trillions in tokenized asset value over the coming years.
Together, these elements have created the perfect conditions for what many are calling the most sustainable bull run yet. With real infrastructure, legal clarity, and global adoption accelerating, the 2025 cycle looks fundamentally different from those that came before.
How to Navigate a Crypto Market Bull Run as a Beginner
Crypto bull runs can be exciting, but they also come with risks, especially for newcomers. Knowing how to approach these surges with caution and strategy is key to protecting your assets and making informed decisions.
1. Do Your Own Research (DYOR): Before investing, take time to understand what you’re buying. Look into the technology, use case, and community behind each cryptocurrency. Check for audit reports, tokenomics, and the project's roadmap. Platforms like BingX Academy, CoinGecko, Messari, and reputed crypto news blogs can help you assess a token’s fundamentals. BingX Academy offers beginner guides, market explainers, and advanced trading strategies, all designed to help you make more informed trading decisions.
2. Manage Your Risk: Bull runs can make the market look like it only moves up, but corrections always come. To protect yourself:
• Use stop-loss and take-profit orders on BingX to automate your risk strategy.
• Set position size limits based on your portfolio.
• Use the BingX Risk Management Tools, such as margin ratios and exposure indicators, especially when using leverage.
Diversifying your portfolio across different sectors, like DeFi, Layer-1 blockchains, and RWAs, can also reduce overexposure to any single trend or token.
3. Avoid FOMO (Fear of Missing Out) and Emotional Trading: When prices are pumping, it’s tempting to jump in blindly. But impulse trades can lead to heavy losses. Instead:
• Stick to your entry and exit plans.
• Don’t follow random social media hype; verify the fundamentals.
• Use BingX’s demo trading mode to test your strategies without risking real funds.
• Consider Copy Trading on BingX, where you can follow and automatically mirror top traders with proven track records. This can help beginners learn market behavior while limiting emotional decision-making.
4. Stay Informed: Crypto is fast-moving. Regulatory updates, exchange listings, or protocol upgrades can trigger rapid price swings. To stay ahead:
• Follow the BingX Blog for regular market insights, project deep dives, and trading tips.
• Set real-time alerts on BingX for price levels, funding rates, and volume spikes.
• Join BingX’s social trading community, where traders share live insights and sentiment.
5. Time the Market with Automated Trading Tools: BingX also offers automated trading bots that help you capitalize on price volatility without constant manual effort. Popular strategies include Grid Trading, which places buy and sell orders at preset intervals to profit from market fluctuations, and the Martingale strategy, which aims to recover losses by increasing trade sizes progressively. For users seeking yield opportunities in a bull market, BingX Dual Investment lets you earn returns by locking in crypto at a target price, regardless of short-term volatility. These tools are especially useful during bull runs when price swings are fast and frequent, allowing you to automate your trades while managing risk and maximizing returns.
Read more: Introduction to Dual Investment on BingX
Conclusion
Bull runs are some of the most exciting, and volatile, moments in crypto. Understanding their phases, history, and drivers can help you spot opportunities and avoid costly mistakes.
Whether you’re new to crypto or building a long-term portfolio, the key is to stay informed, stay cautious, and stick to a strategy. As the 2025 bull run unfolds, don’t just ride the wave, learn how to navigate it. Start small, do your research, and remember: in crypto, knowledge is your best asset.