It’s official: bitcoin bears are in full retreat as the bulls press on the relentless attack.Bitcoin continues to slowly climb higher in defiance of legacy markets as institutions wake up to the bitcoin trade en masse.But could these warning signals lend credence to a plausible pullback scenario?Let’s dig in.As the macro environment serves as fuel for various stores of value, bitcoin is up more than 55% year-to-date and continues to outpace most assets on the market. This persistent zero-rate environment and quantitative easing will continue to push demand towards higher and higher levels.Meanwhile, traditional asset management firms are beginning to take the leap to own bitcoin. Such stories often come and go quickly as new information enters our collective consciousness, but they are still no less important. Fidelity investments recently published a paper revealing clear alpha-generating impact bitcoin is having on client portfolios — to the tune of 1%-5%. Stone Ridge, an asset management firm now owns $115 million in bitcoin.Paul Tudor Jones publicly announced that he put 2% of his assets into bitcoin. Public pension funds in the US have also gained exposure to bitcoin via fund managers. Grayscale, which is the largest digital assets investment firm saw record inflows this year and holds over $6 billion in total assets under management.The latest additions to this wave of institutional bitcoin frenzy were PayPal last week and DBS yesterday. DBS is the largest bank in South East Asia and just announced that it will offer bitcoin, ethereum, and other cryptocurrency trading pairs and custodial services for the space.At the same time, the S&P500 and bitcoin appear to have decoupled to an extent. The question is: when will investors ditch their stocks for bitcoin?Clearly, institutional FOMO has picked up, and it remains to be seen whether the bulk of institutions will…