Bitcoin's market cycle is extending due to slower supply turnover and rising institutional demand. Long-term holders are gradually selling, while new participants, particularly through spot Bitcoin ETFs and crypto treasury accounts, are absorbing a significant portion of the supply. Since early 2024, these channels have taken in about 57% of the short-term holder supply increase, now representing nearly a quarter of the circulating Bitcoin supply over the past year. This shift, coupled with stabilized volatility, indicates a maturing market structure.