Galaxy Research strongly bullish: The Bitcoin bear market ended as early as June, and the accumulation period before the next surge has begun! BTC has bottomed out, selling pressure is weakening, and the long-term upward logic is stronger than before. Now is a good time to buy and hold Bitcoin long-term! Key points summarized: 1. Technical confirmation of recovery: BTC has held above the 200-week moving average and, after a 44-week correction, has regained its footing above the 50-week moving average. This round's maximum retracement of 53% is the shallowest bear market in history, and the halving cycle has already passed previous bottoming windows. 2. Selling pressure is disappearing: The average monthly transfer volume of coins held for more than 5 years is nearly halved compared to 2024. Macro speculators and basis arbitrage funds have reduced their ETF and futures exposure by more than half, but long-term holders and institutional holdings remain solid. 3. Institutions are still accumulating: Spot ETFs have increased their holdings by approximately 87,000 BTC since the end of June. Even with a previous price drop of up to 53%, ETF holdings only decreased by 11% from their peak to their trough, indicating that a significant amount of capital remained in the market. 4. Stronger Currency Depreciation Logic: US debt has surpassed $40 trillion, with an annual fiscal deficit approaching $2 trillion, and the 10-year Treasury yield once exceeding 5%. The massive debt, interest burden, and credit expansion driven by AI investment make BTC, with its fixed supply, more attractive in the long term. 5. Market Sentiment Near Historical Lows: In 2015 and 2018, Wall Street was enthusiastic about blockchain but neglected Bitcoin, subsequently leading to a major BTC rally. Now, stablecoins, RWA, and stock tokenization are booming, while Bitcoin search activity has plummeted to multi-year lows—a familiar scenario is repeating itself.