**[NYDIG: Bitcoin Demand Drivers Reverse, Long-Term Trend Unchanged]** NYDIG's Head of Research, Greg Cipolaro, pointed out in the latest report that cryptocurrency ETF inflows and DAT demand once drove Bitcoin prices to historic highs, but these factors are now contributing to price declines. He mentioned that the liquidation event in early October triggered ETF outflows, a sharp drop in DAT premiums, and a reduction in stablecoin supply, indicating that capital is leaving the market. Spot Bitcoin ETFs were once the highlight of this cycle but have now become an obstacle to Bitcoin's development. Nevertheless, global liquidity and macroeconomic dynamics continue to impact Bitcoin. Bitcoin's dominance typically rises during cyclical pullbacks, but it has dropped from over 60% in early November to around 58%. Cipolaro emphasized that despite the market correction, the DAT sector still has buffer space and has not shown signs of financial distress. He believes Bitcoin's long-term outlook remains optimistic but reminds investors to prepare for potential risks.