Key Takeaways:
- Veteran trader Whale Panda complains that the constant false breakouts and ETF-driven stagnation have made the Bitcoin price bull cycle “no longer fun” and mentally draining.
- Bloomberg reports that whales are shifting billions of dollars in Bitcoin into ETFs via in-kind conversions, and despite institutional inflows, Bitcoin remains rangebound near $108,000.
- Yet the market’s leverage flush is a sign of maturity, with Glassnode data showing excess risk being wiped out, potentially setting the stage for a healthier next leg up.
This Bitcoin bull cycle has been one of the most psychologically taxing in the asset’s history. It’s not because of BTC price performance alone, but the emotional toll of watching opportunity after opportunity evaporate into fake breakouts and fading narratives.
The False Hope Bitcoin Price Bull Cycle
Whale Panda, a long-time Bitcoin trader and influencer, summed up the exhaustion many feel. Commenting on yet another failed rally this week, he wrote:
“This is what mental illness looks like. This is also why this market is no longer fun to trade and why I keep saying that BTC market looks cooked.”
He added that the most recent ETF inflows have been “contributions in kind.” That means investors aren’t buying new Bitcoin. They’re simply shifting existing holdings into ETF shares, which they can then borrow against more easily.
His comment resonated across Crypto Twitter because it struck at the heart of what’s been draining the market this Bitcoin bull cycle: enthusiasm without actual capital inflow.
Wall Street Absorbs Bitcoin’s Whales
Bloomberg reported this week that large Bitcoin holders are increasingly migrating their assets from the blockchain to Wall Street through new exchange-traded funds (ETFs). These “in-kind conversions” allow whales to convert their Bitcoin into ETF shares without selling. That means they sidestep tax implications while consolidating their wealth under traditional financial custodians such as BlackRock.
According to BlackRock’s head of digital assets Robbie Mitchnick, more than $3 billion in Bitcoin has already been shifted this way in recent months. This migration has effectively turned what was once a decentralized, self-custodied phenomenon into a regulated, ledgered product. In other words? A clean line item on a brokerage statement.
The shift offers convenience and leverage but also underlines how this Bitcoin bull cycle has been “institutionalized.” Many retail participants feel sidelined and exhausted by the BTC price that remains range-bound.
Bitcoin Price Stuck at the Gate
Despite institutional reshuffling, the BTC price continues to languish. After peaking just above $126,000 this month, it slipped back below $105,000 following news that President Donald Trump planned to impose 100% tariffs on Chinese goods.
The announcement, posted on Truth Social, triggered nearly $19 billion in crypto liquidations within hours. Bitcoin, ever the weekend workhorse of global finance, bore the brunt of it while traditional markets were closed. Bitcoin’s around-the-clock nature is both a blessing and a curse. Being open 24/7 means it’s always the first to feel the heat.”
At the time of writing, the BTC price was nearing $108,000 after a brief rally that saw a run-up to over $113,000, making investors believe this time, the breakout was real. Alas, not so, the BTC price appears to be stuck at the gate.
Adding insult to injury, gold and silver, the old-world hedges Bitcoin was meant to replace, have been spectacularly soaring. As of mid-October, gold traded above $4,400 an ounce, while silver surged past $52, marking a 66% year-over-year gain.
With geopolitical risk rising and real yields compressing, safe-haven flows have favored the metals, not digital assets. Bitcoin’s narrative as “digital gold” looks temporarily out of favor, at least among cautious investors seeking stability rather than drama.
The Emotional Drag
The daily whiplash between bullish setups and sudden reversals has taken a visible toll on traders’ morale this Bitcoin bull cycle. Whale Panda’s comment about “mental illness” summarizes what many quietly admit: Bitcoin’s market structure with perpetual futures, high-frequency bots, and leveraged funding mechanisms has made human participation emotionally unsustainable. Each false breakout in the BTC price sucks in buyers just in time for a liquidation cascade.
Yet according to data from Glassnode, there’s reason for measured optimism. Bitcoin open interest has dropped by roughly 30% in recent weeks, flushing excess leverage from the system and leaving the market “far less vulnerable to another liquidation cascade.” That’s a much-needed reset in the Bitcoin bull cycle that may allow for more organic price discovery.
For veteran investor Bill Miller, the cleanup is cause for celebration rather than despair. Sharing Glassnode’s findings, he called it “the largest notional leverage flush in Bitcoin history.” He added that despite the massive unwind, the price only fell about 10%. “Watching Bitcoin come of age is so much fun,” he remarked.
His view serves as a counterbalance to the exhaustion felt by traders like Whale Panda this Bitcoin bull cycle. The current correction might not mark the end but rather a painful step toward a more sustainable one.
BTC Price Never Sleeps
Ultimately, Bitcoin’s unforgiving nature is what both fascinates and fatigues its participants. Its 24/7 accessibility ensures it never misses the macro drama, whether it’s a Trump tariff shock, a Fed hint, or a geopolitical flare-up. Traditional assets get weekends off; Bitcoin doesn’t rest. And in 2025, that relentless exposure has made the asset the planet’s most sensitive barometer of stress.
For those still holding, it’s a test not only of conviction but of endurance. Bitcoin’s price may be stuck at the gate for now. But as gold and silver glitter above, a cleaned-out futures market and resilient spot base hint that the BTC price may yet recover its shine.