•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
CryptoQuant’s Bull-Bear Market Cycle Indicator moved into bullish territory on May 12 for the first time since March 2023, a shift analysts say may indicate a transition away from bear-market behavior. The indicator is derived from CryptoQuant’s Profit and Loss Index, which combines the MVRV ratio, NUPL, and a comparison of Long-Term Holder and Short-Term Holder SOPR ratios.
CryptoQuant head of research Julio Moreno said on X that the change “often suggests that the worst phase of the correction has already passed and that market structure is beginning to recover.” At the time of the flip, Bitcoin was trading above $80,000, after rebounding about 35% from February’s $60,000 lows.
The indicator’s last confirmed green reading came in March 2023 and remained continuously through August 2024. During that span, Bitcoin rose from roughly $20,000 to an all-time high above $73,000. The March 2022 signal is noted as an exception, when the indicator briefly turned green before Bitcoin’s downtrend extended further into 2023.
Mati Greenspan, founder of Quantum Economics, described the indicator as a regime-shift tool rather than a predictive measure. “Historically, it has been most useful for identifying when bitcoin stops behaving like a bear-market asset,” he said, adding that sustained demand, liquidity, and price acceptance at higher levels are still needed for the signal to be treated as validated.
Moreno also pointed to secondary metrics suggesting the current setup is not yet fully exhausted. He said Bitcoin needs to decisively break the $82,000 resistance level, which has rejected multiple rally attempts, before the signal can be confirmed by price action.
Several data points were cited in support of the regime-shift thesis. April inflows into spot Bitcoin exchange-traded products totaled $2.44 billion, described as the strongest single-month institutional accumulation since October 2025. Glassnode’s RHODL ratio is currently 4.5, the third-highest reading in Bitcoin’s history, with only comparable levels appearing at the 2015 and 2022 cycle bottoms.
Arthur Hayes, CIO of Maelstrom, argued separately that Bitcoin already reached its cycle bottom at $60,000 earlier in 2026, and he identified $90,000 as a threshold where any rally could accelerate toward the prior all-time high of $126,000. Bitget Wallet analyst Lacie Zhang said Bitcoin is “positioned for a potential breakout toward $85,000 to $90,000,” citing strong institutional support and continued ETF inflows.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
