CryptoQuant published an analysis stating that the Bitcoin market continues to be in a bear market state, with multiple network indicators showing a significant cooling of activity. Data shows that the 30-day moving average of Bitcoin is below the 365-day moving average (-0.52%), and the bull-bear cycle indicator confirms the current bear market pattern. The number of network transactions has dropped from about 460,000 to about 438,000, fees have decreased from $233,000 to $230,000, and highly active addresses have reduced from 43.3K to 41.5K, all indicating reduced speculative activity and that the market is in a defensive phase.

Analysts point out that the current situation is similar to the 2018 bear market, but today's user base is larger (about 800,000 vs. 600,000 in 2018), showing stronger structural resilience. Historical experience indicates that such low activity periods are usually a prelude to higher volatility, and investors should closely monitor subsequent market changes.