[Analysis: Probability of Bitcoin Returning to Bear Market Cycle Decreases, UTXO Loss Ratio Drops Significantly] BlockBeats News, September 17, CryptoQuant analyst Crypto Dan published an article stating that the likelihood of the Bitcoin market returning to a bear market cycle is decreasing. Data shows that the proportion of UTXOs in a loss state has recently dropped significantly, and this change may drive the market's transition from a bear market phase to a bull market cycle. Historical cycles indicate that a similar scale of decline in UTXO loss ratio is not merely a signal of a short-term rebound but rather reflects strengthened market momentum, potentially ending the bear market phase and entering a new upward cycle. Recent interest rate hikes and the failure to advance the "CLARITY Act" are short-term factors that may still affect market sentiment, but these factors are unlikely to completely reverse the ongoing structural changes on-chain. [Original Link]