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The pandemic rally, in 2021, when crypto mania truly set in, inextricably tied up with the retail investor revolution, WallStreetBets and GameStop, stonks, non-fungible tokens (NFTs) and memes. Investing became a public social activity for the very-online. Then another crash. And now the current rally, in which bitcoin has soared above $72,000, driven by the approval of spot bitcoin exchange-traded funds (ETF) and institutional adoption from big suits like BlackRock and Fidelity. Of course, with crypto it’s never just one thing driving it, and the current rally is not just about the ETF, but I suspect it will be most easily remembered and characterized that way.