Bitcoin narratives have long driven investor sentiment, yet the underlying market changes often tell a different story. Onchain analyst James Check delves into these dynamics, offering fresh insights for those keen on understanding Bitcoin’s evolving landscape.
In a recent interview, Check revisited a recurring question: Are we in a bull market or a bear market? While Bitcoin (BTC) prices hover near familiar levels, the reality beneath is markedly different. Changes in leverage, investor cost bases, and sell-side behavior have significantly reshaped the market.
Understanding Bitcoin Narratives
One popular myth is that long-term holders never sell. However, Check’s analysis of Bitcoin narratives reveals that coins, regardless of their age, are returning to the market at an unprecedented rate. This influx has influenced recent price movements, though many narratives only catch up much later.
Key Market Changes
Another aspect of market changes involves the role of institutional entities like ETFs and corporate treasuries. While these players are significant, they constitute only a fraction of overall market activity. Check emphasizes that Bitcoin’s liquidity has increased, allowing it to absorb large trades without the volatility seen in previous cycles.
Looking ahead to 2026, Check offers a balanced outlook, challenging both blind optimism and outright pessimism. He discusses sovereign adoption, portfolio construction, and long-term risks that investors often overlook.
For a deeper dive into these insights, watch James Check’s full interview on Cointelegraph’s YouTube channel, where he elaborates on the data and analysis that inform his perspectives.
