According to CoinMeta, the on-chain indicators for CryptoQuant show that the Bitcoin cycle theory has not “died,” and recent bear market reversal signals have emerged. This indicator has entered a positive bullish zone for the first time in the past eight months; historically, such signals have accurately marked the end of long-term declines, indicating that the crypto market cycle is still valid. Bitcoin has recently risen rapidly from $62,000 to $81,000, boosting market activity. The current recovery fits the classic cycle transition scenario: a large amount of capital has flowed from panicked retail investors to long-term holders. Data shows that in August, large traders were confident about the upcoming rebound and began using Bitcoin as collateral for loans, with related loan volumes increasing by 18% on specialized platforms. The US spot Bitcoin ETF recorded the strongest weekly investor inflow in over the past 10 months, with more than $470 million of USDC stablecoins flowing into major exchanges. The current Bitcoin price is around $78,000, entering a “strategic stagnation” range, with a key support level at $69,000. If the market can maintain this level, a return to a bullish trend will only be a matter of time.