Bitcoin Structure Has Changed: UTXO Data Challenges Traditional Cycle Narratives

AI Briefing

• – Bitcoin's UTXO data shows a pattern that contrasts with historical bear markets, with long-term held coins holding steady or increasing, challenging traditional cycle narratives.
• – Institutional flows, including ETFs and digital asset treasury adoption, are redefining market structure and creating a different supply dynamic compared to previous cycles.
• – The planned launch of a bank-issued Bitcoin ETF by Morgan Stanley further supports the thesis that Bitcoin is in a transitional phase, with on-chain data suggesting not the start of a downtrend, but the continuation of a structurally evolving upcycle.