On-chain Bitcoin data points to the end of the bear market, but it’s not the only metric to consider. STH/LTH cost basis crossover triggers a bear market end signal. The Short-Term Holder (STH) cost basis (around $69,000) has fallen below the Long-Term Holder (LTH) cost basis (around $50,000) and has been confirmed for 3 consecutive days. This on-chain indicator suggests the bear market may be nearing its end. However, note: This signal only indicates that the market might be in the final stages of the bear market, not that the bottom is fully confirmed. If the STH cost basis breaks back above the LTH cost basis in the future, that would be a key confirmation signal for the start of a bull market. ETF funds saw a net inflow of approximately $75M–$181M this week, led by BlackRock’s IBIT, with total assets surpassing $78B. However, fund flows remain unstable, with frequent inflows and outflows since July. This week’s net inflow is just a drop in the bucket. Summary: On-chain data points to the end of the bear market, but the bottom is not yet confirmed. ETF inflows provide some support but lack sustained momentum. We still need to consider other factors to determine the true bottom price of the bear market.