CryptoQuant: Bitcoin BCMI indicator decline may signal a bear market phase.

[CryptoQuant: Bitcoin BCMI Declines, Potentially Signaling Bear Market Phase] According to Mars Finance, CryptoQuant analyzed that Bitcoin's on-chain metric, the BCMI, has been declining and is currently below equilibrium, but still above historical lows. Analysts believe this indicates the market is not merely experiencing a cooling phase, but rather undergoing a structural reset through price and on-chain momentum. Historical data shows that the cyclical bottoms of 2019 and 2023 formed when the BCMI reached the 0.25-0.35 range. From a data perspective, the current market may be transitioning to a bear market phase, rather than a simple correction; the market is in a downward transition phase rather than a complete reset.