Bitcoin bear market ‘over’ as metric copies 2023 recovery

The signal from profitability data, which previously marked a turning point in 2023, adds a technical layer to the debate over whether the current drawdown has run its course. For market participants, the relevance lies in the metric's historical track record as a potential bottom indicator. The key question is whether the current macro environment—different in liquidity and regulatory terms—will allow a similar trajectory to unfold. Watching whether on-chain profitability continues to improve across wallet cohorts will be the near-term tell.