Long-term bear market warning signs: investor fatigue and capital hesitation occurring simultaneously

According to the latest observations from the on-chain data tracking platform Glassnode, the market is signaling key indicators of a sustained bear market. Currently, a noteworthy phenomenon is emerging: long-term holders are accelerating the realization of losses on their positions, a move that resonates with the slowdown in capital inflows.

The Truth Behind On-Chain Data

As prices repeatedly fluctuate within narrow ranges, this market structure is gradually becoming clearer. The cautious attitude of funds and the stop-loss actions of holders appear almost simultaneously, indicating a fundamental change in the psychological state of market participants. The passage of time is eroding investors’ patience, a phenomenon that repeatedly occurs during prolonged correction cycles.

Typical Symptoms of a Bear Market

When investors start feeling exhausted due to holding positions for too long, when large amounts of capital choose to wait on the sidelines rather than actively intervene, and when holders no longer wait for a rebound but instead choose to cut losses and realize gains—these behaviors have become characteristic features of the bear market phase. From a market structure perspective, this is a common precursor to prices falling into a long-term slump.