Crypto Market Hits $2.98 Trillion, Bull Run Uncertainty Remains

The global crypto market has reached a total value of approximately $2.98 trillion, with Bitcoin (BTC) dominance at around 57%. However, despite the recovery of BTC to the mid-$80,000s, a broader bull run is still uncertain. According to CryptoQuant, the 30-day apparent BTC demand measure improved from a negative 182,000 BTC on September 24 to a negative 101,000 BTC on October 1, but remains in negative territory. The CryptoQuant analyst notes that a price recovery and a still negative estimated demand series can coexist, highlighting the disagreement that a bull run claim must resolve.

A rally and a bull run answer different questions, with a rally describing a price move over a chosen period, and a bull run implying persistence and breadth. A market-wide run requires a series of higher prices supported by buyers who keep exposure, with other parts of the asset class participating for more than a few sessions. There is no regulator or exchange that declares an official starting bell.

For a testable working definition of a bull run, four consecutive weekly closes with rising combined nonstablecoin market value, BTC holding its advance, and corroboration from fund flows or estimated spot demand are required. This measurement window filters out short squeezes and one-day speculative turnover, while still permitting a timely assessment.