Analysts are increasingly focusing on potential structural changes in Bitcoin's market dynamics, moving beyond mere price fluctuations. As demand indicators weaken and exchange flows rise, some experts suggest Bitcoin may be diverging from its historical four-year cycle. Analyst Daan Crypto Trades notes that recent price behavior challenges traditional seasonal patterns, with Q1 2026 seen as a critical period to test the cycle's persistence. On-chain data reveals heightened exchange inflows, suggesting increased selling pressure. Analyst Jacob King highlights that monthly exchange flows have surged to $10.9 billion, levels typically associated with late-cycle behavior. Despite these signals, institutional opinions remain divided. Fundstrat's Sean Farrell maintains a long-term bullish outlook, while Fidelity's Jurrien Timmer predicts a downtrend, viewing 2026 as a potential bear market year. This debate underscores a broader shift in focus from Bitcoin's price to its underlying market structure.