A CryptoQuant report by analyst Crypto Dan, published September 17, reveals that the sharp drop in Bitcoin UTXOs sitting at a loss historically signals the end of bearish phases rather than their beginning. The Federal Reserve raised interest rates for the first time since 2023, and the US Senate rejected the CLARITY Act on September 15 by a 49-50 vote, but these macro headwinds are offset by structural improvements on the Bitcoin network. CryptoQuant had confirmed bear market conditions in late 2025 before gradually shifting to a more optimistic outlook throughout mid-to-late 2026. On-chain data suggests the foundation for sustained downside is progressively eroding.
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