Viewpoint: Bitcoin's Demand Structure Change is Reshaping Cycle Behavior

BlockBeats News, November 18th, Sentora (formerly IntoTheBlock) stated in a post that Bitcoin long-term holders usually accumulate during bear markets and distribute during bull markets, forming a "cup-shaped" cyclic pattern. The current decline is more gradual, as long-term holders have not actively engaged in "buying the dip," indicating a change in cyclic behavior.

The increase in institutional funds, structured products, and regulated investment tools is affecting the timing and manner in which market demand emerges. Recent market cautiousness has suppressed spot buying pressure, with significant selling pressure even appearing in the past two weeks. In the long run, a Bitcoin bear market may still occur, but its characteristics may rely more on valuation, investment directives, and risk frameworks rather than panic and euphoria.

The participation of professional capital may help form a more stable market bottom, but downside risks still exist. Future price trends will be less affected by panic and euphoria and more dependent on how professional capital decides on position sizing and entry timing.