Bitcoin's Entity-Adjusted Liveliness metric, which peaked in December 2025, is now reversing, indicating a shift from a distribution phase to a new accumulation period. Analyst Axel Adler Jr. suggests this could signal a multi-year market reset, typically lasting between 1.1 and 2.5 years. Despite institutional demand through ETFs potentially altering this cycle, Adler notes that Bitcoin's price, which reached $126,000 in October 2025, has since fallen by about 45%. While some analysts, like Matt Hougan of Bitwise, argue that the current downturn is milder than previous cycles due to stronger infrastructure and institutional participation, others remain cautious. Coinbase CEO Brian Armstrong highlights active retail buying, with balances on the platform matching December levels. However, the market cap has dropped by 49% from its peak. Analyst Mippo warns of a potential prolonged downturn, while Joao Wedson of Alphractal notes that long-term holders remain in profit, suggesting major rallies may only occur once they face losses.