Unlike April and May, the market is no longer creating large price swings. Instead, it is using time itself to maximize psychological pressure on investors. During this period, various narratives naturally emerge, fueling expectations and gradually building optimism. The market then gives those expectations enough time to grow before ultimately creating FOMO. From my perspective, I sometimes question whether it is really necessary to keep investors under psychological pressure for this long. However, the fact that this is exactly what the market is doing suggests that, since the approval of the Bitcoin ETF, whale behavior has become significantly more sophisticated and calculated. Looking at the bigger picture, if even the short-term market structure is being managed with such precision to influence investor psychology, it becomes increasingly difficult to believe that the larger technical structure and on-chain cycle data will continue to unfold exactly as they did in the past. Since the ETF approval, both market structure and trading behavior have clearly changed. More than two years have now passed, and those changes are becoming increasingly reflected across a wide range of on-chain metrics. One by one, indicators are beginning to behave differently from previous cycles. Some are breaking away from their historical trends, while others are showing much larger quantitative changes than we have seen before. I believe these structural changes are something we must understand. Rather than interpreting today's data through the lens of past market conditions, we need to analyze it based on how the market structure itself has evolved.(mignolet)