Woofun AI notes that Bitwise Senior Investment Strategist Juan Leon characterizes the current Bitcoin downturn as the "most structurally mild bear market" in history, with a 50% retracement from highs compared to 78% in 2022 and 84% in 2018. Leon observes that cycle bottoms are rising as marginal holders shift from retail speculators to professional asset allocators.

Leon states that while some traditional bottom signals like oversold momentum and long-term holder accumulation have emerged, the bear market has lasted only eight months versus the typical 12-13 months. He attributes capital diversion to the AI boom, noting $12 billion inflows into semiconductor ETFs since April against over $4 billion outflows from spot Bitcoin ETFs, suggesting potential future complementarity between AI entities and programmable money.