Has Bitcoin fundamentally changed compared with previous cycles?

I’ve been in crypto for several years, and lately I’ve been thinking about how different this cycle feels compared with the previous ones.
In the past, Bitcoin’s cycles seemed much easier to understand through the usual halving → liquidity → retail → altcoin rotation narrative.
But now we have much more institutional participation, ETFs, systematic trading and quantitative strategies influencing liquidity and price action.
I’m not saying the old cycle patterns are completely useless, but I don’t think we can blindly assume that the next cycle will behave like the previous ones either.
Do you think Bitcoin’s market structure has fundamentally changed, or are we simply seeing another version of the same cycle?
I’m genuinely interested in hearing how people who have been around since previous cycles see this.