Since the approval of Bitcoin ETFs, the market has clearly started to look different from before. These changes are showing up in both on-chain data and market data. This cycle feels unusual. If you try to apply past on-chain cycle patterns as-is, the probabilities simply don’t line up very well. That’s why I think it’s important now to clearly analyze the new buying patterns that emerged after ETFs, and how they differ from previous cycles. Understanding these differences is likely the best way to improve trading decisions in the next phase. Going forward, I plan to break down what has actually changed in the market since ETFs launched, step by step, from a data-driven perspective. There may be no single right answer, but one thing stands out: when Bitcoin prices peaked and optimism and greed were at their highest, the dominant players (whales) were distributing, not buying. In my view, it will still take a significant amount of time before Bitcoin truly recovers and enters a sustained new uptrend.(mignolet)