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- Is Bitcoin Entering a Bear Market? A Deep Dive into Key On-Chain and Market Indicators
Is Bitcoin Entering a Bear Market? A Deep Dive into Key On-Chain and Market Indicators
Strategize Your Digital Asset Investment Strategy
10x Research
October 22, 2025
Overview
Bitcoin’s latest price action shows growing signs of cyclical fatigue as several on-chain and market-structure indicators align toward a potential transition from bull phase to consolidation—or even early bear territory. The Realized-to-Market Cap ratio, a long-term liquidity gauge, has begun to decelerate year-on-year, confirming that fresh capital inflows are weakening. This slowdown first appeared in mid-2024, deepened through Q1 2025, and although briefly improving in April, failed to gain traction—suggesting limited new demand behind recent price stability.
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