Sentora, formerly known as IntoTheBlock, has identified a potential shift in Bitcoin's demand structure that could affect its cycle behavior. Traditionally, Bitcoin's long-term holders follow a 'cup-shaped' cycle, accumulating during bear markets and distributing during bull markets. However, the current market decline has been slower, with long-term holders not actively 'buying the dip.' The increasing influence of institutional capital, structured products, and regulated investment tools is altering market demand dynamics. Recent cautious sentiment has led to suppressed spot buying pressure and increased selling pressure over the past two weeks. While a Bitcoin bear market remains possible, its characteristics may increasingly rely on valuation and investment strategies rather than panic-driven reactions. The involvement of professional capital could contribute to a more stable market bottom, although downside risks persist, with future price movements likely influenced by the strategies of professional investors.