Every cycle begins with the same question. The price of Bitcoin drops. Makes a killing in retail, and the opinion leaders can’t agree on the amount of support.

The specialists quietly reorganize themselves within the chaos. The real sign, rather than the price, is the way fund managers are handling their finances.

Bitcoin hit an all-time high of $126,272 in October 2025, but according to professional money, it is now selling for around $65,000, a significant discount.

They are not seizing the opportunity during a downturn. At least not doing so currently. Those who are still active remain extremely discerning, focused on fundamentals, and very wary of the cycle that may still have potential to decline further.

The Setup: A Peak That…