Bitcoin's price continues to fluctuate wildly, with its recent peak differing significantly from the 2021 bull run. According to analyst Checkmate, the latest peak, driven by spot exchange-traded fund (ETF) entries, has distinct market conditions compared to the 2021 peak.

The key difference lies in the derivative markets' trend, with a focus on long-oriented liquidations dominating the industry for years. Liquidation risk accumulates during sharp price rallies or crashes, leading to mandatory contract closures on exchanges. This year's rally saw investors holding short positions struggle, with unexpected losses and rapid price rises resulting in liquidity issues.

In contrast, the 2021 peaks saw a reduction in long-term investments, with investors acting ambitiously and betting on continued rises despite asset value fluctuations. The current rally, while appearing different, still shows similarities to previous peaks, according to analyst Maartunn. The Coin Days Destroyed (CDD) metric, used to measure stagnant cryptocurrency movement, has reached high levels, indicating a potential peak similar to previous instances. However, it's crucial to note that the 2021 peak occurred months after the CDD metric peaked, highlighting the complexity of market dynamics.