Bitcoin's price dynamics have evolved significantly with the introduction of U.S. spot Bitcoin ETFs, shifting focus from on-chain signals to off-chain capital and leverage. Five critical indicators are currently influencing Bitcoin's bull-bear cycle: ETF inflows, perpetual financing and futures basis, stablecoin liquidity, holder structure evolution, and macro liquidity. ETF inflows have been a primary driver, with significant inflows in Q1 2024 pushing Bitcoin to record highs. However, a $370 million net redemption in November 2025 led to a sharp price decline. Current annualized funding rates of 8%-12% indicate a stable leverage environment, although negative financing often signals market troughs. Additionally, stablecoin supply grew by 59% in 2024, with a $27.6 trillion transfer volume underscoring their importance in market liquidity. The behavior of long-term holders and short-term capital shifts also play a crucial role in price stability, with these five signals collectively determining Bitcoin's price trajectory.