# Crypto Bear Market: On-Chain Data Signals Weakness

**Podcast:** The Milk Road Show
**Published:** 2026-02-02

## Transcript

I mean, first the index is at zero, so which is uh extremely bearish territory, and it has been between like zero and ten for the last maybe month and a half.
What's up, everybody?
It's LG Du Set here, and welcome to the Milk Road Show, the daily crypto show that's just gonna pretend like the year is 2024, and we are ecstatic to be at 75k.
Today is February 2nd, 2026.
And really, friends, all jokes aside, our worst fears and predictions are coming to pass in crypto.
This weekend, Bitcoin did hit 75k.
I think it almost hit 73 or 74, as the entire market lost a support level late last week and fully imploded.
Today we've seen a small rebound, but our guest on the show is saying it's not over yet, and that 2026 will bring more pain.
We're gonna dive deep into the bear market data with Julio Moreno, who has been saying this on our show for a few months now, and he's been right.
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Julio, welcome back to Milk Road, man.
Thank you.
Thank you, LG.
Thank you for having me back.
How does it feel to be the person who's right about this type of stuff?
Come on.
Does it feel good?
Or how do you reconcile that with it's nice that you're right, but at the same time it's it's painful?
Yeah, it's uh a little bit of mixed feelings.
Of course, as a Bitcoiner, I would like to, you know, for Bitcoin to be just going up, right?
Um all the time.
But yeah, I mean as as my job is to just tell the what data is is is uh signaling.
So yeah, I mean, had to say that that and in the last few months that we were entering to a bear market, right?
So it is what it is.
Is this this implosion around this time?
Is this something you foresaw uh in terms of the timeliness, like late January, early February?
Are you are you that specific with your research?
I actually thought that Q1 was gonna be not that bad.
Like uh because we we closed the year, you know, uh really we took we touched 80, right?
And so I thought that that was a uh big correction uh from the hundreds uh on the hundred K.
So I thought that Q1 was gonna be like uh a positive quarter.
I mean, we we don't know, uh, but I I didn't expect it in January to have another like another letdown uh that took us uh below 80.
And remind me, Julio, are you a um a strictly technical analysis person, or do you also believe in uh geopolitical events like uh macroeconomic fears?
Do you think that those also drive price?
Well, mostly what I do is on-chain data uh because cryptocurren is an on-chain data and research provider.
So yeah, my analysis starts there, uh, and and a lot of the metrics are on-chain.
Um but we also look at market data uh and and a little bit of technical data.
Macro, I only follow just you know, in the background, but I mostly believe that everything, you know, on not everything, but a lot of the macro stuff is reflected in either an on-chain data first and then also in the in the prices.
So yeah, but mostly on-chain data.
Well, let's get right into it, man.
I I again this is this is a painful one for us today, but we're gonna open up this uh deck you've prepared for us.
It's always excellent analysis um and today is titled bear market assessment crypto quant milk road collab uh let's get right into it man um okay here we go take us through this one bitcoin remains in a bear market with most data signaling weakness yeah this is our uh bull score index so it's uh summarizes uh basically 10 of the most um of the metrics that I most uh follow um the most important that I think so it's it's summarizing that and the index goes from zero to a hundred right zero is the most bearish hundred is the most bullish and and what I wanted to point out here is two things.
I mean first the index is at zero so which is uh extremely bearish territory and it has been between like zero and 10 for the last maybe month and a half or yeah like two months from now um and another thing so that's what it's telling us is is there's too much weakness in uh either the data in the markets uh right like it's bearing bearishness all over and also to point out that you know and to and to be fair in Q4 last year I I thought that it was gonna be a a good quarter right uh and in the first week of October if you see there in the chart number one that the index was at 80 so well well inside bullish territory you know everything pointed out to to be like a good quarter and then after you know after the October 10 uh big liquidation everything really fast like really fast turned it bearish you can see there like how the index just dropped uh in a few days from 80 to like 30 uh 20 so yeah it's it was really really really wild to see that and so that that's when we started to look at into like okay maybe this is like you know switching the trend uh in the market uh we didn't say like it was gonna be a bear right away but as you know time progresses early november everything was just more more clear that we were in in a bear market so yeah what what I also want to point out here is that it so the index tends to become you know switch to bearish uh before there's a like a um big correction in prices so it's it's it's really important to like to monitor those uh when it switches right from bull to to bear uh and then and then take a look at at what what could happen with prices so so yeah, I mean, uh, if I had to, you know, summarize right now, it's just we're well in in bear market and and you know the data is just not not supportive of any you know meaningful reversal.
Uh um so yeah that's that's basically the summary here.
This this is an interesting part here I think where your bull score which is the purple right the big the purple kind of graph over top of the yeah that you have like through the summer it's still pretty high it's still like above 5060 but then I guess like even as September starts it dropped to like around 25 and then spiked to 75 in the first week of October before then coming back.
Exactly yeah yeah so that was yeah yeah that's uh you know when that happens I you know it's just telling us you know that the that that last um rally that took us to the all-time high to the previous one uh it wasn't really you know I guess it hasn't hadn't had that the momentum right that we needed because uh the index also drops again really fast so that the momentum was really short lived I would I will read it like that.
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Wow okay that I guess that's that's that's a that's a funny misleading.
So what can you can you explain to me what drives this bull score?
What what is that?
Like what are the conditions that or the data that goes into it.
Yeah, so mostly it's the on-chain uh metrics, on-chain indicators, uh valuation indicators, um, like the you know, the MBRB, uh that is comparing you know prices against against the the their cost basis, a couple of in other indicators that we uh uh that we have built about valuation, you know, about they tell you when price is really expensive or when it's really cheap, basically.
So uh a few of those indicators, then some indicator about liquidity using stable coins, like the growth in stable coins market cap, that's uh also tells you about liquidity.
And we're gonna see some charts about about those.
Then some price metrics uh also like the technical is just one, uh just to see, you know, to capture the trend, either it's uh an upward trend or a downward trend in price.
Uh yeah, so basically it's that valuation metrics from on-chain liquidity, um, and also like short-term, short-term valuation of of prices also looking at into you know the the cost basis of traders, uh uh that we can estimate on uh by using on-chain data.
So yeah, basically those.
Could this Julio?
I'll just play devil's advocate here.
The same way that this went from like 25 to 80 and then back down, could this not, now that it's at zero, it's literally at zero.
Could this not spike back up so quickly as well?
I mean, we have seen that if you look at into 2025, March, April, that we were, you know, in bearish territory also.
Uh and then it it it's it also that one is you know the Trump tariffs, right?
So it's spiked really fast because then the tariffs were you know basically cancelled, and so everything changed again really fast.
But because it it you have to have a catalyst for that.
So in that at that period, what took us into bearish territory was the tariffs.
And then as soon as the tariffs were can like mostly canceled, or not not as bad as I initially thought, we went up really fast.
But I mean, you have had that like that catalyst.
I mean, for me, what I'm wondering is which you know, what's that catalyst right now?
And and there's there's really um not much that I can see.
Uh, but but yeah, I mean, it it can happen.
But it's it's more difficult now because at that point in 2025, we were not in uh, you know, like bear market, right?
You could say that that was like a bull market correction.
I mean, right now, what with what has happened since November, it's a bear market, so it's different, like it's it's more difficult to see that.
Julio, we've had a few guests on the show lately.
Some of them uh quant similar to you and others um more on the macro side.
Uh Matt Hogan from Bitwise and also Matt Crosby from Bitcoin Magazine Pro, they've both told us at different times that uh Bitcoin has potentially been in a bear market for a year now.
What I just want to get your thoughts on that.
Uh, that even I I would assume that quite kind of correlated back to December 2024, January 2025, inauguration, all that, that that has been a bear market for Bitcoin.
What do you think about that?
Uh yeah, I don't know.
I mean, I disagree with that.
Uh 2025, as um, you know, if you see the whole year, just uh the return, right?
It was negative.
So I I've seen, I don't know if if they uh said this, but I've seen you know, um, online that a lot of people just saying because 2025 was you know a negative year in terms of performance overall, then it was a bear market.
Uh I I don't think so.
I don't think like that, because we hit an L-time high, right?
We have a really good run uh to a new all-time high.
The trend, I mean, that the if you see the just the price trend since 2023, it's it's an upward trend, uh, which is has now switched to a downward trend since November.
Uh so I mean, it I I don't I don't see it like uh a bear market.
2025 was a bear market.
No, we just started in November.
So yeah, I I I I think that there's a lot of uh uh that thinking because the the year closed negative, but in in reality, all throughout the year uh Bitcoin was was uh you know in on in an upward trend.
Damn, I really I was really hoping you'd agree.
It's okay.
Uh let's keep going.
All right.
US spot ETF demand is lower than a year ago.
Interesting.
Tell me more.
Yeah, so this next few slides will you know take a look into the demand size of of Bitcoin, which is I think what's drives prices is if if demand is growing or not and and how fast.
So, you know, since Q4 uh last year, ETFs became uh net sellers, net sellers of Bitcoin.
Uh so that's also you know um make um or uh yeah, make the the prices you know uh go down in in in in the last quarter, right?
What it was some but so far this year, if you look at that, so that chart is is um we're looking at uh how how how many bitcoin the ETFs purchase uh but in the year, right?
So the the cumulative uh on each year.
So the orange line is this year and and the blue dots are last year but for the same period.
So in the in this in this first month of the year, the ETFs have sold uh more than 10,000 Bitcoin and in the same period last year, they have been they had purchased 46,000, right?
So it's so the demand from that side is actually contracting and and the gap between those two is 56 uh thousand bitcoin.
So it's it's it's to trying to explain price performance by looking at the demand.
So and and of course, if ETFs are net sellers, then it's not supportive for for prices, and that's what we should expect.
Uh you know, in order for prices to also you know to to recover to rally to maybe the bull market start again.
First, we need to look at the demand doing doing that, recovering and and then growing.
And so it's not something that we're seeing right now.
The US investor has not been enticed by lower prices yet.
Oh God.
Yeah, so here is um showing the Coinbase premium, which is basically like the percentage difference between uh the price of Bitcoin on Coinbase and the price of Bitcoin outside the US and other in other exchanges like Binance, for example.
And so there's always like a little bit of a gap there.
Sometimes it's positive, sometimes it's negative, right?
But typically when when the premium on Coinbase with the price of Coinbase is trading at a premium, uh when when that line is green, so the price on Coinbase is higher than on Binance, for example.
And that's historically what is telling us is that the in the demand in the US is like growing faster than in outside the US, right?
And typically bull markets are are drived by by that, by that higher US demand.
Uh that's what also drives prices and the bull market.
Well, since since November, what we see is the switch of of that uh of that premium into a discount, right?
The the red line, if the line turns red.
And so that tells us that that the US demand is you know it's it's it's weaker than in in other in in in other countries or outside the US.
So as as long as that's the case well it's not supportive for higher prices uh we we need like the US demand come to come back uh to to help us and and and and support the price so yeah and that's not the not it's not the case right now.
And when you say US demand are you and you're seeing Coinbase is that like institutions and retail that would be incorporated in that number?
Yeah this is this is uh both yes yes exactly right it's uh yeah so how low how low has this gone historically like have you guys tracked this over years you know because that's a pretty significant gap that we're looking at in terms of right now right yeah that's uh right now I don't I don't have it in on the top of my of my head so but but typically it's not that uh you know starts going down and and lower and lower and lower.
It's it's more like an oscillator right right?
Right.
But but if it if it's negative for most of that time, then you can say, okay, the demand is not growing in the US or it's growing weaker, it's weaker uh generally, right?
Uh but yeah, I I I don't have that specific specific data right now.
Is there uh what would cause like uh us to look at this chart differently?
Like could would if we would we pack if we popped back up to a like positive premium, would that indicate a more bullish terrain?
Or does it it would?
Okay, okay.
Yes, exactly.
I mean, that's what we were looking for.
Uh for the premium to turn negative and stay there.
I mean, there's there's there's spikes also because there's even in bear markets, there's rallies and they're you know, and and you see the premium uh go to the price going to uh premium, right?
But we need to like be the the premium staying positive most of the time.
Like you s what you see, you know, before October, the premium was you know positive most of the time, right?
And then since November, early November, we have been negative most of the time.
Negative only.
Okay, yeah, yeah.
Makes sense.
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Okay, stablecoin liquidity growth remains depressed.
Oh boy.
Yeah, exactly.
So this is why uh one of the indicators that is actually in the uh bull score.
And here we're tracking, you know, the the the growth in the market cap of UST.
Is this this area, the purple area represents a 60-day change in in the market cap.
So, you know, and when there's liquidity is increasing, USDT is growing on in market cap.
Typically coincides with the rallies, right, in prices, because there's like more liquidity entering in into into crypto generally.
And also a lot of, I mean, yeah, a lot of USDT, around a third maybe of the market cap is is in sits on exchanges.
And so that provides also liquidity for exchanges.
But but again I mean we we it was growing at the I think it was like uh mid-October that growth was 50 billion almost 60 billion right and and since then it's just um that grow has um basically you know going to zero right so you know there's not like much fresh liquidity from that side entering the market.
Why would sorry how how how would this correlate to the price of Bitcoin like it this is this is USDT growth as a new USDT being created or the demand for it.
I'm just trying to understand how that relates to something like how is how the stablecoin demand relates to something that's more on the speculative side.
Yeah so for example uh so well yeah that that's uh the total usdt that is in circulation right but we we are tracking that growth right and and so most of when when when new usdt is created some of that will go into exchanges.
And also, you know, we we've seen actually this uh there's uh uh uh an important growth in in stable coins um reserves on exchanges.
So it goes to exchanges and provides like more well, let's say dry powder for then traders, you know, buying crypto with those stable coins that they deposit.
So that's the let's say that's the loop from creation to invest, you know, in buying crypto in an exchange.
Um so yeah, that's important.
USDT because USDT, I mean it's the biggest one, of course, and but also a lot of USDT is on exchanges and is used, you know, as as liquidity in in trading.
So yeah, that that's that that's why it concise that you see the market cap you know spiking for in USDT that we saw actually in November, December 2024, and then again, you know, basically 2025 it was growing, and then a little bit of acceleration in October, but then since since mid-October, just we we dived in in yeah, the the growth uh just took a really big hit and it's not growing anymore.
It's amazing how many how many metrics you have today that are almost at zero.
You know, like your Bitcoin bowl score is zero, uh stable coin growth zero, zero point four billion, which is still a lot, but you know, nothing compared to the peak of almost 16, right?
It's amazing how many things are almost at at zero right now.
So just to summarize this, are you telling me basically that it this just means a lot of people are in cash positions?
I mean I see it more like uh there's no new flows coming into the market, crypto market.
That's how how I see it more.
Overall long-term demand growth is at low levels for Bitcoin specifically.
Yeah, this is for Bitcoin exactly.
This is uh an uh calculation that we make uh to estimate demand growth for for Bitcoin.
Again, I think that I discussed this one uh in previous previous podcast here.
So what drives bull markets is this like demand waves, the growth in demand, the demand waves that I call it.
Uh and so as since uh as long as the demand is growing, so the price, obviously.
But again, since since um October, uh the growth has slowed down uh like uh a lot, and and that of course uh is not supportive of higher prices.
In this is in year over year terms, we're still not in contraction.
Like if you see the chart in 2022, basically the bear market, we were the demand was contracting heavily.
We're still not not there, but basically we are at like zero again, again at zero.
So that's why uh what explains a lot of the price action, right?
So uh what will happen is uh difficult to to say, uh, but you know, the trend is not supportive.
That's what what it tells.
Bitcoin demand for long positions in the perpetual futures market keeps trending downwards.
Yeah, here um to us to estimate the demand, uh or the willingness of traders to open long positions, we look at the funding rates, right?
Of course, like uh if if you see higher funding rates or positive funding rates, then traders are willing, you know, to take on long positions or more long positions, right?
And uh, of course, if funding rates are negative, then it's because there's more traders willing to go short or expecting lower prices, right?
And so the chart to the left is the daily funding rate, and you know, in the in the this uh last uh dive, this last sell-off the price, it they turned negative, negative funding rates, right?
Uh, because there was uh you know you know more willingness to go short, just short, but then the yeah, this is more like a short-term analysis, and then if if we want to look at the more long-term analysis, we look at you know the the one-year average of that funding rate uh uh in all exchanges, and and again it's it's a trend uh for me there, um, which is there's a downward trend in in funding rates, uh, which also tells you that like uh there's less appetite to go long, basically.
Uh and and then you know, we we would need like more traders open long positions, right?
But it's not the case right now.
And that's a sharp reversal, too, because that chart on the left, that's a lot of positive funding rate until recently, until like the last week, basically, right?
That people were willing to long.
Is that not because I'm just looking at it, and this is your chart only goes back to July 2025.
Anytime it's been negative, it's very short-lived.
So would you expect that to be a negative funding rate for a longer period of time now?
Um, I mean, not in the short term, because it uh also funding rates uh change uh a lot uh on the short term, you know, this they switch.
Uh even in you know, at um what was it, like November, you see a little bit of uh negative funding rate, right?
As prices uh went to 80k for the first time.
Um but then you know some traders say, okay, I mean we had a long correction, then it's an opportunity to take some you know long positions, speculate on our on our on our bounce in the price.
And and that's why you see like funded rates again going going uh positive.
And also, you know, it's important to look at funding rates this way.
It depends on the market regime, I would say, how do you analyze it?
Typically in bull markets, you see, you know, generally they're positive, right?
But then when price rallies a lot, they they turn like you know, they spike and really high levels, positive levels, right?
And and that's when everyone starts to say, oh, maybe this is a like a local top, right?
Because it's there's too much, you know, too much long positions, too much leverage.
And and typically that's the case.
And then also if you're in a bull market, still in the bull market, and they turn negative, that's typically an an indication of a local bottom, right uh but but because we are in a bull market in a bull market regime but if we are now in a bear market regime then it's the opposite and you see that in in November you know in January December January we funding rates becoming again positive but now that's your indication of uh you know like a a top and and and so that's that's that's how I you know depending on market regime you have to read it differently um in in the short term right and the long term is just the the the trend but yeah I mean that's that switches your analysis switches depending on the market regime for our data and this data Julio is from where is this largely from from on-chain positions so is this mainly hyperliquid no no no this is uh centralized exchanges is data oh it is okay from exchanges yeah okay yeah this is market data okay okay okay and the next one from a technical standpoint prices remain in a downward trend yeah this is the technical indicator that's uh I told you about that also goes into the whole score, and it and it's really simple, actually.
I mean, I have found that uh a good way to to see the trend in the price is just looking at the one-year moving average of the price, and that really you know it it has uh really uh worked as uh as a good indicator of that trend switch, right?
We saw that in the 2022 bear market when when actually when the price actually goes below that, crosses to the downside, then that level becomes uh a resistance now.
Uh and then it goes down, you know, the bear market.
Uh and and we've seen this, you know, this bull market, and also this is why I say that you know, 2025 wasn't uh it was a bear year, was a bull year because we were uh up you know to uh above that level, that that one-year moving average.
And so you see the trend.
The trend was still this still for most of that year uh to the upside.
And during the bull markets, it's it's uh it acts as a as a support for prices, and you can see that in those green green arrows.
But now what switched what changed since um yeah, November was early November when prices were were definitely you know uh crossing below that.
And and actually, uh and I think this is one something that you asked me in the in the previous podcast that we had.
Like uh what's what's the highest price that you think that you know we could go up recovering?
And I say the the one-year moving average, maybe.
And we went to 98k, and the moving average one year moving average was like uh like a hundred and some one hundred.
Right below it, yeah.
Yeah, exactly.
And so after that, we also uh we we continued the correction.
So yes, really like a simple way to to estimate or assess the trend, right?
So as long as we are below that, it's a it's a downward trend and it's a it's a bear market from the you know technical technical point of view.
Julio, is this when it crossed the 365-day moving average?
Was that what people refer to as a death cross?
I think death cross is when two moving average crosses.
Oh one moving average crosses the other.
Uh that's like a death cross.
Okay, yeah.
Okay, okay.
Here I'm just looking at price crossing the moving average.
Yes.
Okay.
Uh huh.
Okay.
Wow.
Okay.
So do you think I'm also looking at this like just in terms of correlation?
Because in the last cross below it, which was right around the start of 2022.
January 2022.
Yeah.
Right.
And then we dipped below and then came back up to it in like April 2022.
Is that is that what you think happened here where we crossed below it in October, November-ish?
And then we have we come back up to it similar to how we came back up to it last time.
I mean, it's yeah, it was really similar.
I mean, only this time we actually did not touch it.
Uh the previous time it was even some days was uh a slightly above the one year moving average, but not this time, but but it looks really really similar.
Actually, in the next uh slide, we will see that one.
That one is calculating the price performance once the price goes below the one year moving average, you know.
So every time that that has happened, it showed there the price performance, like the the path the price followed.
And what you were saying is that orange line there, which is what January 2022, right?
Uh when the first when we first uh crossed below that and then we went up.
So that is that is that price price performance, right?
And so this in this time we have had, you know, uh it was it has been worse than in than in Q1 of 2022, like the performance is is has been worse than that.
And then from there you can see, you know, what would you expect or should expect once that happens, right?
When when we cross below that one year moving average.
So right now we are around 20% below that moving average as as a as a as a performance.
It's it's worse than in Q1 2022.
Uh it's a similar level than in 2014, I would say.
It has lasted longer actually this time than for example in the COVID crash, we also went down uh below the one year moving average, but it it recovered really fast.
So there's not it's not this time it's not like that.
So uh that's you know, the difference this time is that we are actually in a bear market so but yeah I mean it's it's it's uh it's a really similar to past performances one once we cross below that okay and then our last okay or key price levels to watch maybe this will give us a little bit of hope in some way even if it's long term help Julio yeah so first you know the the resistance is at the um the trader on chain realized price so this is a price at which traders have purchased Bitcoin uh their Bitcoin uh there is their cost cost basis so that is around 89 so that will be resistance right now uh and you can see that actually in January we touch that level that this is the purple line um we touch that and it was a resistance so that's uh you know if there's a rally that will be like the first resistance I will look at 8089 right now although this coming you know it's declining but right now it's uh it's at that level and some support there is uh 79.
I think we are right now around 78, right?
Or maybe 79 uh yeah, we were high 78s, I think, right before we started recording.
Okay.
So that's uh, you know, that's uh right now that's a support.
Uh so to look at, you know, okay, that's support.
If we if the price goes above that significantly, then okay, you can expect like a rally to 80, you know, uh 89, right?
But not not right away, but you know, it's it's just uh some price reference.
But if we go down that uh below that level, uh the 79 uh significantly, if we cross below that, then it's you know, there's there's intermediate levels at 70, but in terms of this indicator, uh it's is the 56.
Uh not right away again.
I mean this these things take time, but right?
I would I would I would say 70, 70 first.
Oh great.
Yeah.
Sorry, man.
No, it's okay.
This is we need we need we need both sides of the coin here.
Okay, so reference, right?
So let me let me say it's not prediction.
It's it's uh so it's price references.
Got it.
Because sometimes, you know, I get you know quoted on Twitter on X uh as a prediction and it's not a prediction.
Uh but okay.
Yeah, so in the last slide, just some you know, some comments for this bear market.
First of all, you have to accept accept this.
We are in a bear market, so you know, plan accordingly.
Uh, you know, a lot of people are, you know, I don't know, they they want to deny it.
I don't know, but we are in a bear market.
So that's one.
And then two is the the the thing that I already discussed is you know, there's really good indicators to yeah, that that say when when we are in a bull market, you know, to to spot lockout bottoms, right?
Uh those are really good indicators.
A lot of people use it, but they don't work as that when we are in the bear markets.
They actually turn into uh resistance to prices.
So just keep an uh you know that idea.
Uh bear market, there will be price rallies.
Uh so uh yeah, it we could rally as as I said, like to 89 uh and that will be an expected resistance, right?
But don't confuse that with you know the start of a bull market, right?
Because for that, I would um just uh wait for also the fundamental data to be supported of that, right?
It's not just about price levels.
Uh so yeah, don't don't confuse that.
And then uh the last one, the last one is just um don't catch the falling knife, just uh, you know, you see a leg down, but you know, it's not the it's not the bottom, it's not the bottom right away, you know, the bear market's bottom form in in months.
So that's uh yeah, that's a final one.
Well, you know is this a a year-long bear market?
That's what we've been seeing since the people have started to accept this reality that you know the bottom will come Q3 2026.
Yeah, I could I could see Q3 as uh the first, yeah, yes.
It's it's not uh I mean typically Bitcoin hasn't has bottom uh uh after the you know in in the Q4 of of of uh of the next you know the bear market year, you know, in 2022 was that, you know, and and that's that's just based on what historically has happened this bear market started actually before uh previous ones you know like a like a two month before or maybe one month uh so maybe you could expect like something like that for the bear market to to bottom earlier so yeah if if you ask me maybe yeah it could be like Q3 uh we of course always monitor the data uh but but yeah I mean we could spec like like something like that well I'm sure we'll have you on a few more times before then uh but maybe maybe we'll try and have you on on like uh better days and you could maybe we get back if we have some of these bear market rallies as you're referencing uh we can try and have you on then and and you can maybe share positive data with us.
But Julia we appreciate it man you know this this kind of stuff I think is really important and it's really good for you to bring the on-chain data um it it provides a really good kind of rounded view uh to some of the the more optimistic takes that we have on the show no thank you thank you for you know having me, even if I don't bring you know positive news.
Well, you to be honest with us, man.
We want we want the honest takes.
We wouldn't want you to sugarcoat it for us.
And you definitely did not.
Thank you.
And for for everyone that wants to just uh you know monitor the data, uh, take a look at these metrics.
They're they're in cryptoquan.com.
There's our live uh platform.
You can uh send send certainly go go look at it.
We'll do okay.
Thank you, Julio.
We'll see you again uh maybe on a green day.
Maybe maybe when we're happy to be back at 78 or 79.
Yeah, yeah, thank you.
Thank you, LG.
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