CryptoQuant CEO Ki Young Ju said on August 25 that "the Bitcoin bear cycle is over," citing the firm’s proprietary PnL Index, which has produced the same signal seen in January 2023. Bitcoin subsequently rallied from roughly $16,000 to an all-time high above $73,000 after that earlier signal. The latest reading came as Bitcoin broke out of a $62,000-to-$67,000 consolidation range and surged to approximately $79,400. US spot Bitcoin ETFs attracted around $1.92 billion in net inflows over five trading days, indicating institutional demand. CryptoQuant’s PnL Index combines MVRV, NUPL and SOPR across holder cohorts and signals a historical shift from bear to bull territory when the composite moves above its 365-day moving average. CryptoQuant’s broader Bull Score, which includes 10 on-chain indicators, rose from 30 to 80 in seven days, its fastest regime flip in a year, with eight indicators turning bullish. Bitcoin is about 16% above the short-term holder cost basis of around $68,500. However, CryptoQuant researchers and other analysts caution that one indicator does not guarantee a sustained bull market. A fall below that cost basis could leave recent buyers underwater and increase the risk of panic selling.