The crypto market has been moving in a very unusual way these past days. There is this type of quietness that comes before something shifts, and Bitcoin has been in this quiet mode of operation which is typical of a change coming, and it is the exact kind of energy that Bitcoin has been carrying. No big or loud things, no sudden changes, just this slow change that you can hardly notice unless you are really paying attention. So the charts are actually confirming what most people have been feeling all along.
Bitcoin has stepped into bearish territory, and the signals are clear. CryptoQuant’s Bull Score Index is sitting at 20 out of 100, which already tells a story on its own. BTC also went below the 365-day moving average around $102K, and that particular level is important because it was the same point that triggered the 2022 bear market. It's quite an issue that we can see the market going down again and in fact it is showing a weakened market.
The same story is told by the different institutions. MicroStrategy went ahead and bought more Bitcoin which is generally great news, however, even that buy doesn't exude the same vibe as before. It seems to be a very careful move. Julio Moreno from CryptoQuant even pointed out that some companies managing treasuries have decided to stop buying completely while a few have reduced their holdings. When institutions become quiet, it usually means they don’t see a strong push coming soon. Also, Metaplanet that used to announce every Bitcoin they buy has not made the headline since September. The silence shows the direction where things are heading.
ETF inflows also show the slowdown clearly. Last year brought in more than $40B, and this year it’s around $27B. That drop may not sound dramatic at first, but it shows that the interest from traditional investors has weakened. When corporate demand slows and ETF inflows shrink, the market naturally becomes softer.
Another reason for this cooling atmosphere is that all the big catalysts that pushed Bitcoin earlier in this cycle have already played out. Trump’s win sent Bitcoin flying past $100K. Treasury companies buying aggressively helped push the price over $120K. But those moments are behind us now. The idea of the U.S. government building a BTC reserve disappeared as fast as it came. Expected rate cuts have already been priced into the market. And at this moment, there is no fresh narrative driving Bitcoin strongly into 2026.
CryptoQuant also reminded everyone that Bitcoin has always moved in its four-year rhythm. Each cycle comes with its own excitement, corrections, surprises, and final slowdown. This cycle is simply reaching the part where the market cools off, and Bitcoin resets itself before building momentum for the next big move.
But even with all this, it doesn’t mean Bitcoin is crashing or losing its value. The drop to $88K is only about a 28 percent correction, which is normal compared to what we have seen in previous cycles. And even in bearish phases, Bitcoin still gives strong relief pumps that catch people by surprise. That part of the pattern never changes.
The only real challenge now is the 365-day moving average turning into strong resistance. Breaking back above $102K will require something new, something powerful enough to give the market fresh energy.
In simple terms, Bitcoin is not dying. It is not collapsing. It is simply cooling off because the cycle is nearing its natural end. The bull run is over, and the market is looking for the next reason to get moving. In the meantime, we keep an eye on the charts, remain patient, and prepare for the next stage.
Posted Using INLEO