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
source: https://www.newsbtc.com/bitcoin-news/bitcoin-bear-market-one-thing-flip-it-cryptoquant-ceo/