#GateProofOfReservesReport In the past month, analysts have increasingly positioned Bitcoin in a bear market. However, five key data points indicate that after the sharp rally at the end of 2025, a mid-cycle renewal is occurring in the market.

On-chain and ETF data now suggest that the selling wave has lost momentum. There is no sign of long-term investors exiting; on the contrary, those who buy later are being eliminated, while strong holders absorb the supply.

This is important because mid-cycle resets typically mark a transition from panic selling to accumulation periods.