Bitcoin’s bull market: A slowdown, not a breakdown

Analysis of Bitcoin's recent market action suggests that the major demand drivers—ETFs, stablecoin balances, and leveraged derivatives—have cooled down or reversed course, according to NYDIG. Spot Bitcoin ETFs have seen net outflows after months of consistent inflows, and the total stablecoin supply has stalled or slightly shrunk, meaning the pool of readily available digital dollars is no longer expanding. Furthermore, derivatives markets show reduced leverage, with funding rates flipping negative at times and CME futures premia compressing, indicating cautious traders who were recently washed out have not rushed back.

However, this signals a slowdown, not a breakdown. While the mechanical, easy buying pressure from the initial ETF boom has faded, on-chain data suggests a quieter accumulation phase where long-term holders are taking profits and newer, smaller buyers are accumulating. The core long-term fundamentals supporting Bitcoin remain intact. The path forward will likely be choppier, relying more on positioning and liquidity pockets rather than a straight line driven by massive inflows, rewarding patience over aggressive bets.

(Source：CryptoSlate)