Core Insights - Bitcoin is struggling to recover after a poor performance in October, lacking the strong institutional support that previously drove its price to record highs [1] - Institutional investors, who were once the backbone of Bitcoin's legitimacy and price stability, have retreated from the market, leading to a shift in market expectations [1][2] - The overall inflow into spot Bitcoin ETFs has exceeded $25 billion, but recent outflows indicate a potential loss of confidence among large investors [2][3] Group 1 - The market shows signs of fatigue, with Bitcoin only achieving a 10% increase this year, significantly underperforming compared to gold and tech stocks [2] - Professional investors are losing patience, and there is a risk that they may advise clients to reduce their Bitcoin holdings if prices continue to stagnate [2] - Recent data indicates a net outflow of approximately $2.8 billion from spot Bitcoin ETFs in the past month, suggesting a cautious approach from new investors [2][3] Group 2 - On-chain signals reveal that long-term holders are selling at highs, and if Bitcoin falls below the critical support level of $93,000, more holders may be forced to exit [3] - The number of Bitcoin "whales" (wallets holding over 1,000 BTC) is decreasing, while the number of small holders is increasing, indicating a shift in market dynamics [3] - Citigroup analysts note that the current stagnation in fund inflows is suppressing price increases, as typically $1 billion in weekly inflows can boost prices by about 4% [3] Group 3 - Despite the weakening momentum in the crypto market, there are no signs of panic, and Bitcoin's price has still seen significant increases over the past 18 months [4] - Bitfinex analysts caution against interpreting recent data as panic selling, suggesting that large holders are not in a state of distress but are taking profits in a soft ETF demand environment [5] - The current rebalancing phase may reset market positions and volatility, potentially setting the stage for the next price increase once liquidity improves [5]