Wait, which one? If you're asking about the "Bull Run" today, you're probably stuck between a history textbook and a crypto portfolio. It's kinda funny how one name refers to a bloody creek in Virginia and a literal gold mine for digital investors.
Most people searching for the bull run are looking for one of two things. They either want the GPS coordinates for the first major clash of the American Civil War or they’re trying to figure out if the massive crypto explosion of 2024 and 2025 is actually over.
We’re gonna cover both. Honestly, the parallels are weirdly there—both involved a lot of noise, huge expectations, and people realizing the "war" was going to last much longer than they thought.
The 1861 Reality Check: Where Was the Bull Run Battle?
The first "real" Bull Run happened on July 21, 1861. It wasn't in a city. It was in Prince William County, Virginia, specifically near a little stream called Bull Run, just north of the city of Manassas.
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You’ve probably heard the story about people bringing picnic baskets to watch the fight. That’s not a myth. Washington D.C. socialites literally rode out in carriages because they thought the Union would crush the "rebels" in one afternoon. They were wrong.
Why Manassas?
It came down to railroads. Basically, Manassas Junction was the spot where the Orange and Alexandria Railroad met the Manassas Gap Railroad. If the Union took that junction, they could cut off the Confederate supply line to the Shenandoah Valley.
- The Spot: Henry House Hill. This is where things got intense.
- The Name: General Thomas Jackson stood his ground here, earning the nickname "Stonewall."
- The Result: A chaotic Union retreat back to D.C.
It’s an eerie place to visit today. If you go to the Manassas National Battlefield Park, you can still see the Stone House, which served as a makeshift hospital. It’s quiet now, but in 1861, it was the center of a nightmare that proved the Civil War wouldn't be a "90-day affair."
Where Was the Bull Run in the Markets?
Shift gears. If you’re here for the money, the "where" is less about a map and more about a timeline.
The most recent, massive bull run started gaining steam in early 2024. Specifically, the spark was lit in January when the U.S. SEC finally approved spot Bitcoin ETFs. This wasn't just another hype cycle; it was the moment Wall Street officially walked through the door.
By December 2024, Bitcoin had smashed through the legendary $100,000 barrier. It didn't stop there. By early 2025, it was hitting heights of $126,000.
The Stock Market’s Parallel Run
While crypto was going nuts, the S&P 500 was quietly having one of its best stretches in decades. This bull market actually bottomed out back in October 2022. Since then, it's been a monster.
In 2025, the S&P 500 hit a staggering 6,932 on Christmas Eve. That’s basically a 100% return from the 2022 lows. Where was the growth coming from? AI. Specifically, NVIDIA, Alphabet, and Microsoft. If you weren't in those "Magnificent" stocks, your version of the bull run probably felt a lot smaller.
Why Do We Keep Missing the Start?
The weird thing about any bull run—whether it’s soldiers marching or prices climbing—is that nobody agrees on when it starts until it’s halfway over.
In 2024, people were still arguing if we were in a "fake-out" bear market rally while Bitcoin was already up 100%. In 1861, the Union soldiers thought they were just on a march to Richmond. They didn't realize they were in a historic battle until the first cannons at Matthews Hill went off.
Common Misconceptions
- "It’s always about Bitcoin." Sorta, but in 2025, we saw "Tap-to-Earn" tokens and Solana-based projects like Ondo and Securitize take a huge chunk of the total value locked (TVL).
- "The Bull Run ends when the halving happens." Nope. Historically, the actual peak happens 12 to 18 months after the Bitcoin halving. Since the last halving was April 2024, the "where" of the peak is likely late 2025 or early 2026.
- "Interest rates kill the run." Not necessarily. In late 2025, the Fed actually started cutting rates, which acted like jet fuel for the market.
The "Where" Matters for Your Strategy
If you're looking at the 1861 Bull Run, the lesson is preparation. The Union was overconfident and undertrained.
If you're looking at the 2024-2025 market bull run, the lesson is positioning.
The "where" of the next phase is likely in decentralized finance (DeFi) and Real World Asset (RWA) tokenization. As of January 2026, the market cap for all crypto sits around $3.28 trillion. That is a lot of liquidity looking for a home.
Actionable Next Steps
- For History Buffs: Visit the Henry Hill Visitor Center in Virginia. It’s about a 45-minute drive from D.C. Wear comfortable shoes because the walking trails across the battlefield are long, and the terrain is uneven.
- For Investors: Watch the $95,000 level on Bitcoin. We’ve seen a retracement from the $120k highs, and this is the "support" zone where institutional ETF buyers tend to step back in.
- For Techies: Keep an eye on the convergence of AI and blockchain. Projects that focus on "Verifiable AI" are becoming the new narrative for the 2026 cycle.
The bull run isn't just a place or a price point. It’s a shift in momentum. Whether it’s a charge up Henry House Hill or a candle on a TradingView chart, the most important thing is knowing when the ground beneath you has changed.