最新报道：According to a report from on-chain data analysis firm Glassnode, Bitcoin's recent price action may still be following its historic four-year halving cycle, despite some market predictions that an increase in institutional investors could break this pattern. Glassnode noted in its market report that, from a cyclical perspective, Bitcoin's price action echoes past patterns. Several signs suggest that Bitcoin may be closer to the end of its cycle than the market anticipates: Long-term holders are taking profits: Long-term holders who have held Bitcoin for more than 155 days are taking profits, a behavior similar to past "mania phases," further reinforcing the impression that the market cycle is entering its late stages. Demand is showing signs of fatigue: Bitcoin's inflows are "showing signs of fatigue." According to data from Farside Investors, spot Bitcoin exchange-traded funds (ETFs) have seen outflows totaling approximately $975 million over the past four trading days. Price pullback: Since reaching a new high of $124,128 on August 14, Bitcoin's price has fallen 8.3% to $113,940 at press time. Glassnode believes that if Bitcoin continues to follow its typical cycle, its peak could come as early as October. At the same time, Glassnode also acknowledges that each cycle is unique and there is no guarantee that market behavior will completely follow a fixed time pattern.