Bitcoin bear market ‘over’ as price metric copies 2023 recovery: CryptoQuant CEO

Bitcoin profitability data has signaled the end of the bear market, marking a shift to bullish conditions for the first time since October 2025, as reported by onchain analytics platform CryptoQuant. CryptoQuant's CEO, Ki Young Ju, declared Bitcoin's bear market over in an X post on Wednesday, citing the Bull/Bear Market Cycle Indicator showing a positive reading for the first time since early October.

This indicator is derived from the P&L Index, which includes market value to realized value (MVRV) ratio, net unrealized profit/loss (NUPL), and spent output profit ratio (SOPR) to assess Bitcoin investors' realized and unrealized profits and losses. The P&L Index values above zero indicate bullish phases in the BTC price cycle.

Bitcoin's price had reached a low of $60,000 on February 5, with a reading of -1.244 indicating "extreme bear" conditions. As of August 26, the Bull/Bear Market Cycle Indicator displayed a positive reading of 0.042, placing it in its "bull" bracket. While the return of bullish signals has been noted, there remains skepticism regarding Bitcoin's price strength and demand, with some market participants warning of potential downside risks and liquidity hurdles.