> The other is professional investors who want bitcoin exposure but are bound by investment mandates to equities only.

MSTR was recently added to QQQ. With the rebalance, they have no choice now.

> The current bull run, as far as I can tell seems to have two legs.

I feel like that’s just what the market has been like since 2020

> I feel like that’s just what the market has been like since 2020

The S&P 500 peaked at 5400 in December 2021 and dropped to 3800 in September 2022, and went mostly sideways to 4300 until October 2023, after which is has mostly gone up:

* https://en.wikipedia.org/wiki/2022_stock_market_decline

* https://www.macrotrends.net/2324/sp-500-historical-chart-dat...

People seem to (a) forgotten that it happened:

* https://en.wikipedia.org/wiki/Recency_bias

and (b) forgotten that it was not a forgone conclusion that there'd be a recovery/growth:

* https://www.forbes.com/sites/investor/2010/12/17/the-lost-de...

I remember the market stalled in price movements, but the attitude always seemed to be bullish beyond all reason.

Never noticed that attitude before 2020

There are dozens of bitcoin etfs now so the second leg is gone

Exactly