Bitcoin bear market ends as CryptoQuant profitability metrics turn positive

CryptoQuant CEO Ki Young Ju has announced that the Bitcoin bear cycle is over, citing a shift in the company’s proprietary Bull/Bear Market Cycle Indicator. The metric, which aggregates multiple on-chain profitability measures including MVRV, NUPL, and SOPR, returned a positive reading for the first time since early October 2025.

This transition mirrors a similar signal seen in January 2023, which preceded a significant rally. The indicator currently sits at 0.042, placing it in the bull bracket. Additionally, CryptoQuant’s broader Bull Score, which tracks ten separate indicators, surged from 30 to 80 in one week, marking the fastest regime flip in a year.

Market activity has shown signs of institutional interest, with US spot Bitcoin ETFs recording approximately $1.92 billion in net inflows over a five-day period as Bitcoin moved toward the $79,400 level. However, some analysts remain cautious, noting potential liquidity and demand hurdles that could impact sustained price growth.