On November 18, Sentora (formerly IntoTheBlock) reported shifts in Bitcoin's cyclical behavior. Long-term holders, who traditionally accumulate during bear markets and sell in bull markets, have shown reduced activity in buying the dip during the current downturn. Institutional funds, structured products, and regulated investment tools are shaping the timing and nature of market demand. While cautious sentiment has recently dampened spot buying pressure, selling pressure has been evident over the past two weeks. Sentora noted that Bitcoin's bear market dynamics may increasingly depend on valuation, investment mandates, and risk frameworks rather than panic or euphoria.

On November 18, BlackRock transferred 3,064 Bitcoin, valued at $280 million, and 64,707 Ethereum, worth $198.7 million, to Coinbase. The transaction was identified by OnchainLens. These deposits reflect notable activity from BlackRock's address on the platform.

SpaceX transferred $268 million worth of Bitcoin on Oct. 21, data from on-chain analyst Ai YI (@ai_9684xtpa) show. The funds were split into two transactions: 1,187 BTC moved to address bc1qq...4sduw and 1,208 BTC to address bc1qj7...6kqef, where they remain unmoved. Notably, Arkham had previously attributed SpaceX's July transfer to Coinbase Prime Custody, suggesting this activity may be part of wallet asset reorganization.

The Smarter Web Company acquired 10 bitcoin on Oct. 21, bringing its total holdings to 2,660 BTC, BlockBeats reports. The purchase adds to the UK-listed firm's bitcoin reserves. This follows the company's long-term allocation strategy.

Bitcoin touched its 21-week moving average, a level historically seen as a critical threshold between bull and bear markets, Matrixport said on Oct. 21. Holding above the average typically signals a shift from bearish to bullish sentiment, while a break below could indicate further correction. The current consolidation may deepen if momentum fails to push through quickly, though the pullback so far remains mild. Matrixport noted that ideal buying opportunities in past cycles often emerged after a brief dip below the average followed by a reclaim and hold.

HODL recorded a net inflow of $21.2 million yesterday, while BITB saw $12.1 million in net inflows, data from Farside show. BTCO had $9.9 million in net inflows, FBTC $9.7 million and Grayscale BTC $7.4 million. Multiple Bitcoin-linked investment products registered net inflows, reflecting rising market demand, according to Farside.

French listed company Capital B acquired 6 bitcoin on Oct. 20, increasing its total holdings to 2818 bitcoin, BlockBeats reports. The purchase expands the firm's existing bitcoin position. The move reflects ongoing confidence in bitcoin based on public information.