**[Opinion: Bitcoin Demand Reversal, But Long-Term Trend Remains Unchanged]** Odaily Planet Daily News – NYDIG Research Director Greg Cipolaro stated in a report on Friday that the key drivers that previously pushed Bitcoin's price to its peak—namely exchange-traded fund (ETF) inflows and demand for digital asset treasuries (DAT)—are now causing prices to drop to multi-month lows. Cipolaro noted that a major liquidation event in early October led to a reversal in ETF inflows, a collapse in treasury premiums, and a decline in stablecoin supply, indicating that liquidity is leaving the system. These are "classic signs" that "the cycle is losing momentum." He explained that once this cycle is broken, the market often follows a predictable sequence: liquidity tightens, leverage struggles to gain traction, and the narratives that previously supported the market no longer translate into actual capital inflows. He mentioned that spot Bitcoin ETFs have shifted from being reliable engines of inflows to "significant resistance." During cyclical pullbacks, Bitcoin dominance tends to surge, as speculative assets experience more dramatic liquidations and capital consolidates into the ecosystem's most mature and liquid assets. Data shows that Bitcoin dominance rose above 60% in early November and stabilized at around 58% as of Monday. Cipolaro pointed out that DAT and stablecoin supply have seen their first decline in months, suggesting that investors appear to be withdrawing liquidity. However, he emphasized that even as the market downturn deepens, the DAT sector is still far from experiencing a true pressure breakout, noting that "leverage remains moderate, and interest obligations are manageable." Despite the recent pullback, Cipolaro still believes that "Bitcoin's long-term narrative remains unchanged," as it continues to gain institutional attention, sovereign interest is slowly building, and its role as a neutral, programmable monetary asset persists. He added that the events of the past few weeks have not altered its long-term trajectory, but cyclical factors driven by capital flows, leverage, and reflexivity are currently playing a stronger role. (Cointelegraph)