I think we are not yet in a bullish trend, what we are experiencing is a stage where much institutional investment is entering, but I believe that the usual whales of the Bitcoin market have not yet entered into action, if we see the million dollar wallets of 100- 1000 BTC there is no variation, it is always in the same percentage of 62% -63%, in 2017 this percentage grew to almost 80%, of course it is not reliable but it can be used as an indicator.
We can't compare the bullish sentiments of 2017 to today, as you have said, institutions are the main driver this year. There's no Tesla that investment on 2017's bull run. And with that, I will tell that the last quarter of last year and today should be obviously considered as bullish trend already. We have been breaking all time highs like every month or so, that's bullish to me.