Recent changes in Bitcoin’s market dynamics suggest a shift away from the explosive price surges of past cycles. According to CryptoQuant analyst Crypto Dan, the current market is unusually calm despite price increases, with less short-term capital compared to previous bull markets. This unusual situation can be attributed to several factors. Firstly, liquidity conditions have evolved; the 2020–2021 bull market benefited from near-zero interest rates and aggressive quantitative easing, but today’s market experiences higher interest rates and tighter liquidity, making large price swings more challenging. Secondly, institutional influence has strengthened, replacing retail investors as market leaders following the approval of Bitcoin ETFs. This shift has created a more structured market with increased stability, resulting in gradual price increases rather than sudden frenzies. On-chain indicators suggest that this current cycle may have peaked, potentially deviating from the traditional