Bitcoin on-chain data just flashed critical bearish signal that CryptoQuant warns marks a verified cycle top

CryptoQuant CEO Ki Young Ju suggested that Bitcoin is entering a bear cycle, citing bearish signals across on-chain metrics like Bull Score, MVRV, miner flows, and declining stablecoin liquidity, which he links to a lack of macro liquidity. Metrics such as MVRV being above 1.0 and SOPR dipping below 1.0 indicate cooling but not yet deep bear market territory, while declining long-term holder supply suggests distribution. However, some analysts argue this is a deep correction within a bull market, noting that Bitcoin has not broken its aggregate realized price (around $50k-$55k) and that derivatives open interest has reset. The ultimate confirmation hinges on the future direction of global net liquidity; if it contracts, the bear thesis strengthens, but if it stabilizes or rebounds, the bull market reset thesis prevails, leaving Bitcoin currently at an inflection point rather than a confirmed top.

(Source：CryptoSlate)