Large capital inflows into $BTC are currently on pause.

Long-term institutional holders have stopped selling, with MicroStrategy holding 673,000 $BTC without making any moves.
Selling pressure is low, but there is also no strong upside momentum due to the lack of fresh inflows.
Capital is not leaving the market; it is simply rotating into equities and other assets, making a -50% crash in $BTC like previous cycles unlikely.
This phase may simply result in a few months of sideways movement.