Context: Bitcoin has regained its footing, sparking optimism among market observers that a decisive bull run may be underway, with some predicting valuations could exceed last year's $126,000 peak. However, a closer look at trends in bitcoin and Nasdaq valuations, adjusted for the cost of capital represented by the U.S. 10-year yield, suggests that bull runs may be more measured. The current market dynamics are influenced by various factors, including interest rates and energy prices.