CryptoQuant CEO Ki Young Ju said on Aug. 25 that "the Bitcoin bear cycle is over," citing the firm’s PnL Index, which produced the same signal seen in January 2023 before Bitcoin rose from roughly $16,000 to an all-time high above $73,000. Bitcoin’s recovery toward $78,900-$79,400 and briefly above $80,000 helped lift global cryptocurrency market capitalization 19% to $2.68 trillion on Aug. 24 from roughly $2.25 trillion a week earlier. The 90-day realized profit/loss ratio rose above 1 for the first time since late July, reaching 1.003 on Aug. 26, while the share of unrealized losses fell about 60% to 7.35% from 18.57% on Aug. 16. CryptoQuant’s Bull Score rose from 30 to 80 in seven days, with eight of 10 on-chain indicators turning bullish. US spot Bitcoin ETFs recorded about $1.92 billion in net inflows over five trading days or the week ended Aug. 21. Analysts cautioned that the metrics remain near break-even, ETF flows and US interest rates could determine whether the rally continues, and a move below the short-term holder cost basis near $68,500 could renew selling pressure.