Bitcoin has recovered and is no longer below $26,000. Franklin, a large fund manager with 1.5 trillion assets under management, also submitted a Bitcoin spot ETF application. Most of the short-term holders of Bitcoin fell into losses in this wave, with the proportion as high as 83.7%, exceeding the declines in June and mid-August, implying that $25,000 became the bottom. The next bull market cycle will soon see a supply shock, with 75% of the supply of Bitcoin being held by long-term holders, resulting in fewer Bitcoins circulating in the market and an even scarcer supply.