As market sentiment cools and this condition persists, participants begin to develop a long-term holding mindset toward Bitcoin, and that sentiment gradually becomes embedded in the market. In a bull market, this kind of atmosphere often marks a bottom. During such phases, dominant players typically accumulate quietly through OTC channels. Once accumulation is complete, they push the now-lightened market higher using leverage in the futures market. The key point, however, is this: no matter how strong the sentiment becomes, a leading player must actively step in to capitalize on it. And that is exactly what is missing right now. This is the most important difference from previous cycles. That is what a typical Bitcoin bear market looks like.(mignolet)