The CryptoQuant analytics platform has identified the first symptoms of a "clean" market for the first cryptocurrency, which historically predates the formation of the price base. However, experts call for caution, noting that these metrics do not yet guarantee the complete completion of the bear trend.

The key trigger for such conclusions was the behavior of the UTXO Block P/L Count Ratio indicator, which compares transaction-to-profit with loss transactions. When the ratio is high, the market accumulates significant unrealized profits, threatening mass fetching and sales. The current drop of the metric to extremely low values indicates that most participants are at a loss. This pattern has traditionally been observed at the time of the birth of local lows. However, to confirm a full reversal, the 365-day moving average of this figure would have to fall even lower, indicating a deep structural market overload rather than just short-term overselling.

The situation is compounded by continued pressure from so-called "old" tenants. Analysts emphasize that long-term and most committed investors continue to systematically transfer their "dormant" coins to centralized exchanges for distribution and sale.

The only positive factor is the gradual easing of tensions in derivatives markets. Despite this, experts warn that any short-term setbacks or short-term squats should not be mistaken for the start of a new bull cycle. If the historical patterns turn out to be correct, Bitcoin will have to survive another wave of pressure before the bear phase finally exhausts itself.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.