Opinion: Bitcoin Cycle Enters Contraction Phase as ETF and Corporate Buying Both Decline Amid Weak Summer Seasonality

CoinFeed June 19 news, according to NYDIG analysis, Bitcoin has corrected about 52% from its October 2025 high of approximately $126,000. Its "Bitcoin Cycle Narrative Framework" indicates the current phase is an unfinished contraction stage, with no bottom signals such as long-term holder capitulation, systemic bankruptcies, and a "reset" yet appearing. The two major structural demand drivers supporting the market in 2025—net inflows into spot Bitcoin ETFs and corporate treasury purchases—weakened significantly in 2026: ETFs shifted from sustained net inflows to increased volatility, with weekly redemptions reaching 15,000–25,000 BTC, while corporate buying became highly concentrated in a few DAT companies, and some miners turned into net sellers.