Bitcoin Bear Market 'Over' as Key Profitability Metric Flips Bullish
CryptoQuant's CEO Ki Young Ju has declared that Bitcoin has exited its bear market after a key indicator flipped bullish for the first time since October 2025. This positive development is based on the composite P&L Index, which measures profitability metrics such as MVRV ratio, NUPL, and SOPR.
The Bull/Bear Market Cycle Indicator, derived from the P&L Index, displayed a positive reading of 0.042 on August 26, marking its first time in the 'bull' bracket since October 2025. This indicator has proven accurate at confirming macro BTC price trend changes, calling the end of the previous bear market as upside returned in early 2023.
However, concerns remain over insufficient market liquidity to support a macro BTC price trend change. Despite this, Ki's declaration marks a significant development in the Bitcoin market, which has seen slow returns of bull signals from various indicators in recent weeks.