A report by CryptoQuant, published on September 17, 2026, indicates that the percentage of Bitcoin UTXOs currently in a loss position has decreased significantly. According to the firm, this trend historically marks the conclusion of bearish market cycles.
The analysis suggests that structural improvements within the Bitcoin network are likely to outweigh current macroeconomic pressures. These pressures include the first Federal Reserve interest rate hike since 2023 and the rejection of the CLARITY Act by the US Senate.
On September 15, 2026, the US Senate voted 49-50 against the CLARITY Act, which aimed to establish a regulatory framework for digital assets. This outcome maintains the existing regulatory uncertainty for the cryptocurrency industry.
CryptoQuant previously identified bear market conditions in late 2025. The firm has now shifted its outlook, noting that on-chain metrics have shown steady improvement throughout mid-to-late 2026, signaling a transition away from the previous downturn.
