PANews reported on December 24th that CryptoQuant analysts stated the Bitcoin On-Chain Index (BCMI) continues to decline, currently below equilibrium but still above historical lows. This suggests the market is not merely undergoing a cooling phase, but rather a structural reset through price and on-chain momentum. Historically, the cyclical bottoms of 2019 and 2023 formed when the BCMI reached the 0.25-0.35 range. From a data perspective, the current market may be transitioning to a bear market phase, rather than a simple correction. If past patterns repeat themselves, a more sustainable bottom is only likely to form when the BCMI falls back to the levels of 2019-2023. Currently, the market appears to be in a downward transition phase, rather than having completed its reset.