Bitcoin Signals Bear Market: One Thing Could Flip It, Says CryptoQuant CEO

Bitcoin may be sliding into a new bear phase unless fresh macro liquidity – particularly through spot ETFs – returns to the market, according to CryptoQuant CEO Ki Young Ju. Bitcoin Bear Market Incoming? Sharing a composite on-chain dashboard overlaid on the BTC price, Ju wrote on X: “Most Bitcoin on-chain indicators are bearish. Without macro liquidity, we enter a bear cycle.” The chart stacks ten CryptoQuant metrics behind the price in a red-to-green heatmap from 2021 to 2025, highlighting how regime shifts in prior cycles coincided with clusters of bearish readings. Related Reading: US Sen. Lummis Hints At US Bitcoin Buy With ‘Franklin’ Meme The indicators in the panel include the MVRV Z-score, CryptoQuant P&L Index, the Bull-Bear Cycle Indicator, Inter-Exchange Flow Pulse, Network Activity Index, Stablecoin Liquidity, Bitcoin Demand Growth, Trader On-chain Profit Margin, Trader Realized Price and a Technical Signal metric. When the majority are bullish, the backdrop turns light