Bitcoin’s price has recently fallen below the Active Investors Mean of $88,600, a significant signal of deeper bearish trends. This development comes alongside lackluster institutional investment and negative ETF flows, highlighting the current market conditions. 2023 saw Bitcoin break below its key cost-basis levels and Glassnode’s analysis suggests that this recent dip signals a potential market downturn similar to past cycles. The True Market Mean, currently at $81.9k according to Glassnode analysis, is becoming increasingly crucial in identifying the next significant price point. Glassnode’s CEO Rafael Schultze-Kraft highlights that falling below key cost-basis levels could signal a deeper bearish trend, echoing patterns observed in previous bear market phases. The impact of this price decline extends beyond the cryptocurrency market, with major ETFs showing negative net flows and new institutional investment being restricted, leading to cautious movement among market leaders. Regulatory bodies like the SEC remain silent on current developments, leaving the focus on on-chain signals and the approaching True Market Mean. Historical data from past bear markets provides context for potential outcomes if Bitcoin breaks below current cost-basis levels. The current scenario could potentially rekindle bearish sentiments, as suggested by experts and researchers like Glassnode.