Opinion: Changes in Bitcoin's Demand Structure Are Reshaping Cyclical Behavior
BlockBeats News, November 18, Sentora (formerly IntoTheBlock) stated in an article that Bitcoin long-term holders typically accumulate during bear markets and distribute during bull markets, forming a "cup-shaped" cycle pattern. The current downturn is slower, and long-term holders have not yet actively engaged in "buying the dip," indicating that cyclical behavior is changing.
The increase in institutional funds, structured products, and regulated investment tools is affecting both the timing and manner in which market demand emerges. Recent cautious sentiment in the market has suppressed spot buying pressure, and there has even been significant selling pressure over the past two weeks. In the long run, a Bitcoin bear market may still occur, but its characteristics may depend more on valuation, investment mandates, and risk frameworks, rather than panic and frenzy.
The participation of professional capital may help form a more solid market bottom, but downside risks still exist. Future price trends will be less influenced by panic and frenzy, and more determined by how professional capital decides on position size and timing of entry.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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