CryptoQuant: Bitcoin Exits Bear Market, Enters Early Bull Phase

This is a notable shift in narrative because it moves the conversation from survival to expansion, based on on-chain signals rather than sentiment. If accurate, it could affect institutional positioning and retail participation, though the claim hinges on whether these metrics remain consistent at current levels. The key is not the label itself but the durability of the underlying data—whether the indicators that triggered this call hold up over the coming weeks. Any pullback that doesn't break the underlying structure would test the thesis, while a sustained decline would quickly invalidate it. The market's reaction to this framing will be telling.