[CryptoQuant Analyst: The Market Has Entered the Final Stage of the Bear Market] CryptoQuant analyst Darkfost stated in a post that the market is entering the final stage of the bear market. The Bitcoin bear market has lasted for 9 months, putting pressure on short-term holders (STH, holding for 6 months). A signal indicating the end of the bear market has just been triggered: the STH/LTH cost basis has crossed downward (a 3-day confirmation window is required to validate this signal). However, this does not mean the bear market will end immediately when the signal appears or when the bottom is formed; rather, it indicates that the market is entering the final stage of the bear market. Beyond being a simple signal, it also reflects Bitcoin's cyclical nature, which is evident in the behavior and choices of investors during different cycles. The influx of institutional investors does not appear to have significantly impacted the Bitcoin holder demographic, and thus these behaviors have not undergone major changes.