As of May 16, 2025, the crypto bull run appears to be in a consolidation phase rather than conclusively over. Bitcoin (BTC) is trading around $103,860, slightly below its recent peak of $105,500. Ethereum (ETH) has seen a significant rise of over 40% in the past week, currently priced at approximately $2,556.

Recent market movements suggest a temporary pullback, likely due to profit-taking and investor caution ahead of key economic indicators like the U.S. Producer Price Index (PPI). However, several factors indicate that the broader bull market may still have momentum:

Institutional Investments: Companies like Strategy have made substantial Bitcoin acquisitions, signaling continued institutional confidence.

Regulatory Developments: The U.S. government's evolving stance on digital assets, including the revocation of SAB 121, may encourage more institutional participation.

Technological Upgrades: Ethereum's recent Pectra upgrade aims to improve transaction speeds and reduce costs, potentially enhancing its competitiveness.

Community sentiment remains mixed. Some investors believe the bull run is still underway, citing historical patterns and macroeconomic factors. Others express caution, noting that only Bitcoin has reached new all-time highs, while other cryptocurrencies lag behind.

In summary, while short-term corrections are occurring, the long-term outlook for the crypto market remains cautiously optimistic, supported by institutional investments, regulatory changes, and technological advancements.