CryptoQuant: Bitcoin BCMI indicator declines, possibly signaling a bear market phase

CryptoQuant's analysis indicates that the Bitcoin on-chain metric BCMI continues to decline, currently falling below the equilibrium value but still above the historical bottom region. Analysts believe this suggests that the market is not only experiencing a cooling phase but is undergoing a structural reset through price and on-chain momentum.

Historical data shows that the cycle bottoms in 2019 and 2023 formed when BCMI reached the range of 0.25-0.35. From a data perspective, the current market may be transitioning into a bear market phase rather than simply a pullback, with the market in a downward transition phase rather than a complete reset state.