Russian experts, as of May 20, pointed out that the current Bitcoin bull market falls short of the highs seen in 2017. These insights were shared in a report by the Roscongress Foundation, a significant NGO and event organizer in Russia focused on development.

The report indicated that the recent peak in BTC's value in March was part of speculative activity amid the approval of spot Bitcoin ETFs. However, this surge failed to create the same level of excitement as seen at the end of 2017, as evidenced by lower internet searches related to cryptocurrencies compared to the previous peak.

The experts acknowledged that analysts had anticipated increased accessibility to cryptocurrency investments due to spot Bitcoin ETFs. Yet, they observed that this expected accessibility has not materialized, citing challenges in Bitcoin's mining-based transaction protocols for full integration into traditional financial systems. This aspect, along with Bitcoin's perceived high-risk nature akin to tech stocks and its correlation with stock market movements, was highlighted as factors contributing to its speculative asset profile.

Despite these observations, the experts recognized the potential long-term impact of spot Bitcoin ETFs on cryptocurrency accessibility. However, they attributed recent price rises more to speculative trading following ETF approvals rather than fundamental shifts. The report also mentioned a wide range of Bitcoin price forecasts, underscoring the uncertainty in predictions.

Additionally, the authors noted the growth of stablecoin capitalization and its role in stimulating Bitcoin's bull market, particularly in 2021 and 2024. They attributed the recent all-time high partly to the resurgence in stablecoin supply.

In summary, while the report acknowledged Bitcoin's current market dynamics, including its challenges and speculative nature, it also hinted at potential future shifts in accessibility and market influences.