**[VanEck: Bitcoin Pullback is a Cyclical Adjustment, Global Liquidity Drives Price Fluctuations]** VanEck released its mid-October 2025 Bitcoin on-chain report, stating that the recent Bitcoin price pullback is a cyclical adjustment rather than the start of a bear market. The report emphasizes that global M2 money supply growth still accounts for more than half of Bitcoin's price fluctuations, highlighting its role as an asset to "counteract currency overissuance." Over the past year, price discovery has been dominated by Asian trading sessions, with regional liquidity tightening becoming the primary driver of recent market volatility. Additionally, Bitcoin futures open interest reached a high of $52 billion in early October, followed by consecutive liquidations that caused an approximately 18% price drop. Currently, leverage levels have fallen back to the 61st percentile, and Bitcoin's price relative to gold is near a one-year low. On-chain data shows that the Bitcoin ecosystem continues to mature, with strong correlations between mainstream public chain revenue and price. Institutional increases in Bitcoin Treasury holdings further enhance its importance in asset allocation.