There is a growing analysis suggesting that Bitcoin has moved past a prolonged correction phase and entered a new phase. While the price continues to show volatility, more and more market participants are gaining confidence that “the bottom has now been established.” In particular, as investor profiles and capital flows shift, expectations are rising that a new upward trend—unlike previous ones—may emerge.

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Currently, Bitcoin is down more than 40% from its peak. However, unlike in the past, there has been little sign of the “panic selling” that typically occurs during sharp price drops. This means that investors have not been swept up by fear and have not engaged in large-scale selling. Wall Street interprets this as a “bottom signal.” It indicates that the market structure is changing, making it less susceptible to collapse.

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Whereas individual investors once dominated the market, institutional capital has now taken center stage. Large-scale funds are flowing in through spot ETFs, and banks are preparing to offer Bitcoin-related services. Simply put, Bitcoin is increasingly transforming from a “speculative asset” into a “financial product.”

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Some companies are raising funds to purchase large amounts of Bitcoin. In particular, companies like MicroStrategy have been consistently buying Bitcoin, influencing the market. Some analyses suggest that the volume of corporate purchases now exceeds the newly issued supply. This means that demand is increasing faster than supply.

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Currently, more than 60% of Bitcoin has not moved for over a year, indicating an increase in long-term holders. This means there is less supply available in the market, and the likelihood of significant price swings has decreased. It is now being evaluated as a much more stable structure compared to the past.