Analysts note that Bitcoin purchases are becoming increasingly concentrated. Major players continue to increase their positions, while some companies are reducing their exposure or taking a wait-and-see approach. In particular, Strategy is financing purchases through stock issuance and plans to continue accumulating the asset using various financial instruments. At the same time, venture funding for crypto projects remains relatively stable, but the number of deals and investor participation are decreasing. Capital is concentrated in fewer large rounds. According to analysts, the current dynamics indicate a slowdown in industry inflows and a change in demand structure. Recall that ARK Invest CEO Cathie Wood believes that a 50% drop in Bitcoin from its all-time high during the cycle can be called a "true victory."