The characteristics of the bear market bottom are becoming more and more obvious, and holders are accelerating their "cutting losses."

According to the latest insights from the on-chain data analysis platform Glassnode, the current crypto market is facing a typical prolonged bear market—especially as prices remain trapped within a narrow sideways range, making this market predicament increasingly difficult to conceal.

Divergence Between Capital Flows and Holder Behavior

The most intuitive signals come from contrasting two dimensions: on one hand, the influx of new capital has noticeably slowed, and market enthusiasm for upward prospects is waning; on the other hand, early-stage long-term holders are accelerating their sell-offs, many of whom are already in floating losses and are forced to cut losses. This ebb and flow itself indicates that the bullish forces in the market are weakening.

Fatigue Caused by Time Cost Consumption

As prices hover for a long time without breaking through, investors’ psychology undergoes subtle changes. The opportunity cost of holding assets continues to rise, and the cost of waiting accumulates, with many people’s patience already exhausted. This fatigue, built up over time, is a key indicator for judging the bear market phase—when investors start feeling tired rather than excited, the market bottom’s outline will gradually become clearer.

Bear markets often do not end with a loud bang but quietly conclude amid capital depletion, holder capitulation, and cooled emotions.