Recently, I came across the CEO of an on-chain analysis platform's perspective, which is quite interesting.

The core logic is actually: stop focusing on when the money will enter the market, there's really no need.

Why? Liquidity sources have long diversified. The old script—whales pumping the market, retail following, and finally a collective escape—this cycle is being broken. Those large institutions holding Bitcoin long-term? They won't easily dump their holdings. Some top asset management firms, holding huge positions, can't even sell them off easily.

There's a detail worth pondering: money hasn't disappeared; it has just flowed elsewhere—stocks, precious metals, other asset classes. The market's capital pool has become too fragmented, so tracking the inflows and outflows in just one direction isn't very meaningful.

The more critical forecast is coming—Bitcoin may never again see a classic bear market with a 50% drop from its all-time high. It sounds optimistic, but here's the turning point: the greater probability in the future is that it will enter a prolonged sideways trading phase. No rapid crashes, just oscillations back and forth.

Sometimes you'll find that the market's most torturous aspect is never the decline itself. The truly difficult part is that deadening sense of stagnation.