According to an analysis report by BRN Research Director Timothy Misir, Odaily Planet Daily, the recent market decline is not a structural disaster, but rather profit-taking after the sustained rise from September to October. However, it also reveals that short-term upside potential remains highly dependent on stable spot demand (ETF, Treasury, and corporate bond purchases). "Whales" still control a significant portion of the Bitcoin supply and added approximately 110,000 Bitcoins in October. The market is currently in a digestion phase; structural bullish sentiment still exists, but confidence is weak. A breakthrough in price increases requires new spot demand from ETFs or corporations. (The Block)