PANews reported on November 12th that Morgan Stanley investment strategist Denny Galindo stated that Bitcoin is currently in the "autumn" phase of its four-year cycle, making it a good time for investors to take profits. He warned that the market may soon enter a "winter" phase, meaning a period of price decline. Galindo advised investors to take profits before the market cools down.

Bitcoin's recent price drop below the key technical indicator of its 365-day moving average is considered a bear market signal. Meanwhile, inflows of liquidity from sources such as stablecoins and ETFs have stagnated.

Despite this, Morgan Stanley's head of research, Michael Cyprys, points out that institutional investors still view Bitcoin as a hedge against inflation and have lowered the investment threshold through ETFs. To date, total assets in US spot Bitcoin ETFs have exceeded $137 billion, and Ethereum ETFs have reached $22.4 billion.