On August 19, VanEck indicated that Bitcoin's nearly 11-month adjustment phase may be nearing its end, with the market potentially entering a new accumulation stage. The VanEck research team, including Digital Asset Research Head Matthew Sigel and Senior Investment Analyst Patrick Bush, found through their 'Bitcoin Market Capitulation Check' model that 8 out of 12 current market indicators have shown extreme pessimistic signals, and all 12 indicators have entered the panic selling zone over the past three months. Researchers stated that this data suggests the Bitcoin market appears to have undergone a price 'capitulation' phase and is approaching or has already entered an accumulation period. Meanwhile, signs of market inflows are improving. The U.S. spot Bitcoin ETF recorded nearly $300 million in net inflows on Monday, marking the highest single-day inflow since May 5. In the past three Bitcoin bear market cycles, the average duration from market peak to maximum decline has been about 12.7 months. Currently, this adjustment has entered its 11th month, and according to historical cycle patterns, the market may gradually complete its bottoming process between September and November and enter an accumulation phase. However, VanEck cautions that market capitulation signals should not be seen as definitive indicators for short-term buying. Historical data shows that when 8 to 12 indicators simultaneously show extreme signals, Bitcoin's average returns over the next 90 and 180 days tend to be below long-term benchmark levels. It is expected that the low point of this adjustment cycle may be milder than in previous bear markets, primarily due to the development of spot Bitcoin ETFs, broader participation from institutional investors, and the current market not experiencing chain reactions similar to the collapses of FTX, Celsius, and Terra Luna. Additionally, in the past 30 days, long-term holders of Bitcoin (those holding for over a year) have reduced their holdings by approximately 356,000 BTC, bringing their total to about 11.84 million BTC, causing the proportion of long-term holders to fall below 60% for the first time in months. VanEck believes this reflects that some long-term investors are releasing their holdings, but the overall market structure has not yet exhibited extreme deleveraging as seen in past cycles.