The big difference i'm noticing this time around, is that no one really believes in the tech anymore. Last bull run, people were seriously bullish about the tech and how defi was in the process of changing the world.
Now everyone knows it's little more than a massive gambling pot luck game, and that the tech is still years off being truly influential in modern life (outside of gaming). This dynamic is probably going to affect buying during this bull run.
Everyone knows now is a bad time to buy, and for the large part, since the ATH they're not. Where as even into the deep depths of the last bull run, seasoned crypto retail people were still buying and stacking coins.
Im not saying that things won't take off, but it will be interesting to see how things play out / what will happen this time - feels different.