🟢 The end of the bear market is approaching. The bear market has now been in full swing for 9 months, taking a toll on both STH and LTH alike. ⌈ 💡 As a reminder, STH refers to BTC holders 6 months. In this chart, supply held for more than 7 years has been excluded from the LTH cost basis in order to better reflect the portion of supply that is economically active and held by LTH. ⌋ ➤ The end-of-bear-market signal has just flashed. This signal is defined by the downward crossover of the STH/LTH cost basis (with a 3-day confirmation window to validate the signal). 👉 This doesn't mean the bear market ends the moment the signal fires and the bottom is in, but it indicates we are entering its final phase, a period during which establishing a DCA makes sense. ➤ When the upward crossover of the STH/LTH cost basis occurs, it then confirms the start of a bull market phase. This signal can notably serve as an end point for DCA. Beyond being a simple signal, it reflects Bitcoin's cyclicality, which plays out through the behaviors and choices of investors acting the same way across cycles. The arrival of institutional players doesn't seem to have changed the Bitcoiner population much, which hasn't brought about major changes to these behaviors. This cycle is, for now, following the same pattern as previous ones, with STH buying the dip and gradually lowering their cost basis to the point of falling below that of "active" LTH cost basis. The STH cost basis has thus dropped from $112,500 to $69,000.