In 2022, institutional buyers purchased approximately $3.5 billion worth of bitcoin:native during a year-long bear market, in the price range of 15k–25k.

By 2026, most people think the bear market has just passed the halfway point. Institutional buyers have already bought $28 billion worth of bitcoin:native in the price range of 60–90k.
Although today’s BTC is 4 times more expensive than the bottom of the last bear market, institutions’ purchasing power has increased 15 times (280*2/35). That’s also why this round of bear market can’t be judged by past bear market patterns.
Additionally, past BTC bear markets were usually hit along with the US stock market bear market as well, but this year the US stock market has been extremely resilient. Trump plans to aggressively attack the stock market to boost the mid-term, and has already been merciless in his criticism of the Federal Reserve. A US stock market bear market/recession in 2026 is unlikely to happen.
As time goes on, fear of BTC’s bear market will continue to fade. And under the four-year cycle theory, BTC only gets a 10–11 month bear market window—once July passes, the shorts will surrender in large numbers.