Bitcoin's market structure is showing resilience even as trading volumes decline, with long-term holders increasing their positions and exchange supply tightening. Analysts highlight a divergence between Bitcoin and the Nasdaq, indicating potential mispricing and a departure from the traditional four-year cycle thesis. On-chain data reveals institutional buying activity, with whales and market makers strategically positioning themselves ahead of the Federal Reserve’s employment report. This trend suggests a shift towards stable structural support, moving away from sentiment-driven volatility.