Bitcoin’s share of loss-making addresses has fallen sharply, a pattern on-chain analyst Crypto Dan says has historically marked the end of bear markets rather than a short-lived rebound. His assessment followed two macro shocks: the Federal Reserve’s 25-basis-point rate hike and the Senate’s failure to advance the CLARITY Act on September 15. Crypto Dan’s analysis focuses on UTXOs, the individual units of Bitcoin held in wallets, and the proportion trading below their holders’ purchase prices. He said neither event had reversed the broader shift in market conditions. Darkfost’s analysis places Bitcoin between a $71,300 cost-basis level, which reflects units actively moving through the market, and a $79,800 break-even level for invested capital. BTC was trading above $76,000, up about 1% on the day but down nearly 3% for the week. It was up 19% over the past month, despite falling almost 35% over the past year and remaining about 39% below its all-time high from last October. Daily volume had declined close to 24% to about $29.5 billion. Bitcoin initially fell after the Senate vote failed, then climbed above $76,000 after the Fed raised rates the following day. Bitwise CIO Matt Hougan said the rally had little to do with regulation, while trader Matthew Hyland noted that Bitcoin remained near $76,000 despite forecasts of a decline to $50,000. Longtime BTC advocate David Bailey described the muted reaction as evidence that the bear market was over and traders had entered a phase where bad news no longer mattered.