Bitcoin's price movements may still align with its historic four-year halving cycle, despite some market beliefs that institutional interest could disrupt it, according to Glassnode. The firm noted signs of profit-taking among long-term holders similar to past euphoric phases, suggesting the market may be advanced in its cycle. Recent data showed a significant outflow of approximately $975 million from spot Bitcoin ETFs, and a notable decline in trading demand, pushing traders towards riskier assets. Analysts, including Rekt Capital, suggest that if Bitcoin continues its historical pattern, peaks could arrive as early as October. Contrarily, some crypto executives argue that the presence of public treasuries and other evolving market dynamics indicate that the typical cycle may no longer hold. Despite these differing views, significant Bitcoin treasury holdings reflect a considerable institutional investment, hinting at potential shifts in market behavior moving forward.

Source 🔗