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[CryptoQuant: Bitcoin Network Activity Cools Down, Bear Market Characteristics Emerge] CryptoQuant analysis indicates that the Bitcoin market remains in a bear market state, with multiple network metrics showing a cooling of activity. Bitcoin's 30-day moving average is below the 365-day moving average (-0.52%), the number of network transactions has decreased from approximately 460,000 to about 438,000, fees have dropped from $233,000 to $230,000, and highly active addresses have declined from 43.3K to 41.5K, suggesting reduced speculative activity. Analysts note that the current situation is similar to the 2018 bear market, but with a larger user base (approximately 800,000 vs. 600,000 in 2018), indicating structural resilience. Historical experience suggests that periods of low activity may precede higher volatility, and investors should pay attention to market changes.