According to @ki_young_ju, most Bitcoin on-chain indicators are bearish and, without macro liquidity, the market enters a bear cycle, signaling a defensive trading stance for BTC until liquidity conditions improve; source: Ki Young Ju on X, Dec 3, 2025. This view frames macro liquidity as the key regime driver for BTC, implying traders should prioritize risk control while on-chain signals remain negative; source: Ki Young Ju on X, Dec 3, 2025.

According to Ki Young Ju, Bitcoin ETF demand has slowed but remains net positive, suggesting the current bull cycle will persist until significant ETF outflows occur. A prolonged net negative demand would indicate the start of a bear cycle, with demand and supply being the primary factors influencing this trend.

According to Santiment, the perceived intensity of the current bear cycle in cryptocurrency markets may be overstated. The analysis suggests that fear of the unknown is influencing trader behavior, potentially leading to exaggerated market reactions. Santiment highlights that while there are challenges, market fundamentals do not fully support the extreme bearish sentiment currently observed. This insight is critical for traders evaluating market positions and considering long-term strategies.

According to Justin Sun, he has been involved in Bitcoin since 2013 and has witnessed three major bull and bear cycles in 2013, 2017, and 2021. He highlights that within the Tron community, similar cycles occur much faster, sometimes within just 19 days. Sun's key takeaway for traders is the importance of holding onto their investments to succeed in the volatile cryptocurrency market.