Recent declines in Bitcoin prices have sparked speculation about a market cycle peak, but on-chain data suggests a restructuring phase instead. According to CryptoQuant, open interest in Bitcoin futures has significantly decreased since late October, indicating a reduction in leverage, which contrasts with past cycle tops. The Coinbase Premium Index remains negative, reflecting reduced U.S. institutional demand amid macroeconomic uncertainty. Despite these challenges, long-term Bitcoin holders are continuing to accumulate, with exchange reserves near multi-year lows and stablecoin liquidity returning. This suggests the market is rebuilding momentum rather than entering a phase of cycle exhaustion.