Bitcoin surged 12% within hours, breaking out of a tight range between $62,000 and $65,000 to reach a two-month high above $69,000. According to Ki Young Ju, CEO of CryptoQuant, the move was driven by OG whales who opened massive long positions at the bottom last week, below $63,000. Bitcoin demand turned positive for the first time since October 2025, on both spot and perpetual futures markets. If this trend holds for another month, it would be reasonable to conclude that the bear market is over, the analyst noted.
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