$BTC on-chain structure is starting to look less like a bear market structure.

CryptoQuant says fewer Bitcoin holders are now sitting on unrealized losses, making a return to a prolonged bear market increasingly unlikely.

That doesn’t mean $BTC can’t fall further. But when fewer holders are underwater, the market has less of that forced-selling pressure that usually appears during deeper bear cycles.

For now, the on-chain data is giving bulls something to work with.