Perspective: The changing demand structure of Bitcoin is reshaping cyclical behavior.

BlockBeats news, on November 18, Sentora (formerly IntoTheBlock) stated that Bitcoin long-term holders typically accumulate during bear markets and distribute during bull runs, forming a “cup-like” cyclical pattern. This round of decline has been slower, and long-term holders have not actively engaged in “Buy the Dips,” indicating a change in cyclical behavior. The increase of institutional funds, structured products, and regulated investment vehicles is influencing the timing and manner of market demand emergence. Recent market cautious sentiment has suppressed Spot buying pressure, with significant selling pressure even observed 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 create a more solid bottom for the market, but downside risks still exist. Future price movement will be less affected by panic and euphoria and will depend more on how professional capital decides position size and timing of Build a Position.