**[Benson Sun: Bitcoin May Exhibit a Slow Bull Trend in This Cycle, Gradually Reaching New Highs]** BlockBeats News, September 26 — Crypto KOL and former FTX community partner Benson Sun posted that Bitcoin’s current market cycle may show a slow bull trend, gradually reaching new highs, rather than experiencing rapid short-term surges followed by clear peaks as seen in 2013 and 2017. Before the true cycle peak arrives, the market may see multiple localized peak signals. He believes that since 2021, the primary buyers of BTC have gradually shifted from retail investors to institutions such as publicly listed companies, spot ETFs, and corporate treasuries. As institutions primarily purchase spot Bitcoin, some funds also employ Delta Neutral strategies for arbitrage. Traditional indicators like funding rates and the MVRV Z-Score may not necessarily reach extreme levels at the cycle peak. The recent cycle peak is more likely to manifest as a lack of follow-through from institutional funds rather than an overheated retail sentiment. The Institutional Liquidity Index (ILI) primarily references overall USD liquidity, Strategy’s mNAV, and Bitcoin ETF net flows to assess whether institutional funds are keeping pace when BTC reaches new highs. If BTC hits a rolling 30-day high while the ILI does not rise in tandem, it constitutes a yellow divergence; if BTC breaks its historical high while the ILI diverges and remains below 50, it constitutes a red divergence. Benson Sun stated that he uses the frequency of yellow divergences as a reference for judging the cycle’s progression: each occurrence prompts him to appropriately reduce altcoin positions and leverage. As the market enters its later stages, he gradually increases BTC allocation and eventually holds only spot positions. If a red divergence occurs, he stops participating further. [Original Link]