Galaxy Research claims bitcoin bear market ended in June

A new report from Galaxy Research asserts that the prolonged bear market for Bitcoin concluded during the month of June. The analysis highlights a shift in on-chain metrics and macroeconomic conditions that suggest the bottom is firmly behind us. This conclusion provides a sense of optimism for institutional and retail investors who have weathered a difficult period of price suppression.

Galaxy Research points to the accumulation patterns observed among long term holders as a primary driver for this assessment. During the depths of the downturn, high conviction investors continued to add to their stacks despite the negative sentiment surrounding the industry. This behavior has created a floor for the price, which the researchers believe is now acting as a foundation for a new phase of growth.

In addition to holder behavior, the report mentions improved liquidity and a more stable interest rate environment as factors contributing to the recovery. While the market has seen its fair share of challenges throughout 2026, the resilience shown by BTC during periods of intense selling pressure has been notable. The study argues that the worst of the regulatory and macroeconomic headwinds have already been priced into the market.

Critics of the report suggest that while the bear market may have technically concluded, a period of slow growth is more likely than an immediate return to all time highs. The complexity of global financial systems means that BTC remains sensitive to geopolitical events. However, the data presented by Galaxy Research offers a compelling case that the structural damage from the previous cycle has been repaired.

For those watching the markets, this transition marks a shift in strategy. Many firms are now pivoting from defensive positions to more aggressive growth outlooks. Whether this trend continues through the remainder of the year will depend on sustained institutional inflows and a lack of further negative shocks to the system. As it stands, the technical evidence points toward a more stable environment for digital asset investors moving forward.