Has Bitcoin Already Bottomed vs. Other Assets — And When Does the Real Bull Market Begin?
Actionable Market Insights
Why this report matters
Bitcoin remains in a bear market according to one of our key indicators, which already signaled a regime shift in October 2025, when prices were trading around $110,000–$112,000. However, beneath the surface, conditions are beginning to change. While roughly $25 billion exited Bitcoin in February, recent flow dynamics appear less punitive, suggesting that selling pressure is becoming exhausted. On a relative basis, compared to other macro assets, Bitcoin may already be entering a new bull phase, with an absolute bull market potentially only weeks or months away.
At the same time, traders are showing little urgency to hedge downside risk, indicating a much cleaner positioning backdrop. This shift could have meaningful implications for Bitcoin’s next move. There are notable parallels to 2022, and for those focused on the right signals, the conditions marking the definitive end of this bear market are already taking shape.
Bitcoin Ratios vs. Copper and vs. Gold - start of a relative bull market?
