#比特币长期发展趋势 Recently, analysts said that Bitcoin has entered a bear market, mainly due to weak demand... To be honest, as a newcomer to the space, I’m a bit confused. I just bought not long ago, and now it’s a bear market? 😅

After taking a closer look at the data, what shocked me the most was that US spot ETF inflows, which had been crazy since Q4 last year, have turned into a net sell of 24,000 BTC this year. It feels like the three waves that previously drove Bitcoin’s rise—ETF approvals, election results, and the corporate treasury craze—have all been exhausted? Demand growth falling below long-term trends sounds very dangerous...

There’s another indicator that scared me: Bitcoin’s price has already fallen below the 365-day moving average, which I heard is an important dividing line between bull and bear markets. Reminds me of similar situations that appeared at the end of 2021 and before the 2022 bear market?

But as a newbie, I want to ask everyone—does this mean Bitcoin will continue to fall in the short term? Or is this actually a long-term investment opportunity? It seems that weak demand doesn’t necessarily mean no long-term value... Can any veterans help a newcomer understand—what should we really think about this wave? 🤔