PANews reported on February 10th that, according to Kaiko Research, Bitcoin's recent price drop from its high to $59,930, the lowest level since October 2024, may mark the "halfway point" of the current bear market. Kaiko points out that this pullback is the largest correction since the 2024 Bitcoin halving, and the market has moved from the post-halving frenzy into a typical bear market cycle, expected to last approximately 12 months before entering a new accumulation phase.

A Kaiko report shows that spot cryptocurrency trading volume on the top 10 centralized exchanges fell by 30%, from $1 trillion in October 2025 to $700 billion in November. Meanwhile, open interest in Bitcoin and Ethereum futures fell by 14%, from $29 billion to $25 billion, reflecting deleveraging in the market. Furthermore, Kaiko points out that the 52% pullback in Bitcoin's price from its all-time high is "unusually shallow," while a more historically accurate pullback would be 60%-68%, suggesting a potential bottom between $40,000 and $50,000.