Bitcoin Bear Market Declared Over by CryptoQuant CEO
CryptoQuant's CEO Ki Young Ju has announced that Bitcoin's bear market is over, citing a key metric that has turned bullish for the first time since October 2025. According to the Bull/Bear Market Cycle Indicator, which measures the distance of the P&L Index from its 365-day moving average, Bitcoin has exited its bear cycle.
The indicator uses several on-chain profitability metrics, including the market value to realized value (MVRV) ratio, net unrealized profit/loss (NUPL), and the spent output profit ratio (SOPR). These metrics provide an overall picture of Bitcoin investors' realized and unrealized profits and losses. The Bull/Bear indicator has a positive reading for the first time since October 2025, placing it in its 'bull' bracket.
Ki notes that this combination of P&L metrics and their moving averages has proven accurate at confirming macro BTC price trend changes. This is not the only signal of a potential recovery, as other indicators such as the relative strength index (RSI) have also shown signs of improvement in recent weeks.