Bitcoin is nearly double where it was a year ago. This is what's behind the run

#tradingstrategymistakes traded around $116,000 on Tuesday, falling back from a historic surge that briefly sent the world's largest cryptocurrency past $123,000 for the first time.

Even with the pullback, the cryptocurrency is still trading at nearly twice its level from a year ago.

Unlike previous cycles, the record run isn't being driven by retail mania or meme-stock energy. This move is being powered by structural demand, shifting macro positioning and a wave of Wall Street adoption that's playing out in real time.