according to on-chain data analysis company Glassnode's report, despite some market forecasts suggesting that the increase of institutional investors may break this pattern, the recent price trend of Bitcoin may still be following its historical four-year halving cycle. Glassnode pointed out in its market report that from a cyclical perspective, Bitcoin's price trend is consistent with past patterns. Several signs indicate that the Bitcoin cycle may be closer to the late stage than the market expects:
 
Profit-taking by long-term holders: Long-term holders who have held Bitcoin for more than 155 days are taking profits, a behavior similar to past "frenzy stages," further strengthening the impression that the market cycle has entered the late stage.
 
Demand shows signs of fatigue: Bitcoin's fund inflows "show signs of fatigue." According to data from Farside Investors, the outflow of funds from spot Bitcoin exchange-traded funds (ETFs) in the past four trading days amounted to approximately $975 million.
 
Price decline: Since hitting a new high of $124,128 on August 14, the price of Bitcoin has dropped by 8.3%, standing at $113,940 at the time of writing.
 
Glassnode believes that if Bitcoin continues to follow its typical cycle, its peak may arrive as early as October. At the same time, Glassnode also acknowledges that each cycle has its uniqueness, and market behavior cannot be guaranteed to fully follow a fixed time pattern.