In this study, the bed structure according to the flow regime of fine particles in gas–solid fluidized beds was studied by measuring the pressure drop and heat transfer coefficient. Two types of carbon nanotube (CNT) agglomerates with behavior similar to Geldart A and Geldart B and two types of glass bead (GB) particles corresponding to Geldart A and Geldart B classification were used. CNTs fluidized in the form of agglomerates, and in some CNT agglomerates, a homogeneous expansion regime with suppressed generation of bubbles, were observed. In the homogeneous expansion regime of CNT agglomerates, the relationship between superficial velocity and voidage was consistent with the Richardson–Zaki equation, and had a higher n value than that of Geldart A particles and fumed silica agglomerates. In this regime, small-diameter channels coexisted, and due to unstable fluidization at low superficial velocity, intermittent bed collapse occurred. In the homogeneous expansion regime of GB particles, the heat transfer coefficient remained constant, and as bubbles were generated, the heat transfer coefficient increased. On the other hand, as the superficial velocity increased, the heat transfer coefficient of CNT agglomerates continuously increased, regardless of the flow regime transition. In the homogeneous expansion regime of CNT agglomerates, unlike Geldart A particles, movement of agglomerates within the bed was confirmed, and a dynamic bed structure was present, in which the movement increased according to the superficial velocity.