Where is the @Bitcoin market currently and where is it heading? Bitcoin’s cycle is showing clear signs of strain, but the dynamics behind it look very different from a classic bear market. In this piece we explore: - This cycle is the most lacklustre on record, with year 3 likely ending in the red - ETF-driven liquidity has enabled early holders to sell at scale - This resembles a post-IPO redistribution phase more than a classic bear market - Old supply is gradually moving to new long-term holders - Macro conditions today are significantly more supportive than in past downturns More here: https://coinshares.com/insights/research-data/bitcoin-crypto-is-this-a-bear-market/?utm_source=twitter&utm_medium=social&utm_campaign=Research-data_11122025&utm_content=bitcoin-crypto-is-this-a-bear-market(CoinShares)