The Bitcoin (BTC) bull market is over, according to crypto research firm CryptoQuant’s founder Ki Young Ju.

Ju posted on X that he is expecting 6-12 months of bearish or sideways price action as the BTC bull run loses steam, citing declining liquidity in the market.

«New liquidity is needed. The on-chain realized cap has stalled, signaling no fresh capital inflows. For example, BlackRock’s IBIT saw three straight weeks of outflows,» he said in a Telegram note to CoinDesk. «Even with record volume near $100K, Bitcoin’s price barely moved. Without new liquidity to offset heavy selling, this is a bearish signal.»

A recent report from CryptoQuant made the case for the possibility of BTC’s return to the $63K mark, citing bearish signals from key valuation metrics like the MVRV Ratio Z-score, which compares bitcoin’s market value (MV) to its realized value (RV) to identify overbought or oversold conditions.

The MVRV Z-score dropping below its 365-day moving average signals that BTC’s price momentum has weakened, historically aligning with deeper corrections or the onset of bear markets.

The $75K-$78K support level is critical, CryptoQuant analysts noted, as weakening BTC demand, marked by slowing whale accumulation and net selling by U.S.-based spot ETFs, continues to add downward pressure, increasing the risk of a deeper price correction.

This echoes what LMAX Group’s Joel Kruger and Coinbase Institutional’s David Duong recently told CoinDesk, with both warning that sustained weakness in U.S. equities amid economic uncertainty and global tensions could exacerbate bearish pressure on crypto markets, with stagflation also a possibility.

Polymarket bettors are giving a 51% chance that BTC ends the week between the $81-$87K range, and a 31% chance it hits $75K by the end of the month.

In the last month, bitcoin is down 15%, according to CoinDesk Indices data, with its decline erasing any post-election gains.

The Solana Foundation nixed an ad widely criticized for being anti-queer late Monday, nearly nine hours after seemingly invoking the culture wars as a mechanism to boost conference attendance.

The now-deleted spot imagines «America» in therapy. A human embodiment of the nation desperately wants to think big – about tech, crypto, space travel. But he can’t: his therapist wants him to «focus on pronouns» and on «coming up with new genders.»

«America, numbers are non-binary,» the therapist insists after chiding his «rational thinking syndrome.» America eventually snaps and yells out, «I want to invent technologies, not genders.

That the Solana Foundation – a Swiss nonprofit whose mission is to evangelize the Solana blockchain – would call upon right-wing talking points to promote its first U.S. conference sparked immediate controversy. Some influential voices within Solanaland called it pandering; others, offensive.

It’s also a reversal for an organization that previously called diversity, equity and inclusion (DEI) part of its «core values» and insisted attendees of its flagship event show respect to others regardless of gender.

Just weeks before President Donald Trump retook the White House in part on an anti-trans campaign, the foundation held a conference in Singapore. The event’s code of conduct prohibited «deliberate verbal or physical intimidation» based on «gender,» «gender identity and expression,» or other traits often lumped in with DEI. It threatened infractors with ejection and a ban from attending future events.

«The Solana Foundation is committed to the principles of diversity, equity, inclusion, and respect,» the Code of conduct read.

It’s not clear whether the Solana Foundation’s ad strategy also portends a shift in its «core values.» CoinDesk could not immediately locate the code of conduct for the upcoming event. A representative for the Solana Foundation did not return a request for comment.

Regardless, the ad threatened to thrust crypto deeper into partisan politics than many in the industry are comfortable with.

The crypto industry’s embrace of President Trump had previously been an exercise of single-issue alignment: Trump promised to embrace crypto, and the industry’s high-rollers hugged him back. The arrangement has left room for proponents to work alongside Democrats too, and many have.

That bargain may begin to fall apart if crypto loses its ostensibly bipartisan sheen.

The main organizations supporting the Arbitrum blockchain, Offchain Labs and the Arbitrum Foundation, unveiled a new program designed to kick-start early-stage projects in the ecosystem.

The new program, «Onchain Labs,» is designed to provide go-to-market support to «experimental and volatile» projects, according to a blog post from Offchain Labs, Arbitrum’s main developer.

“Through Onchain Labs, we’re dedicating resources to support developers looking to rapidly expand the application layer by ideating with them from the ground floor to bring the best user experiences to Arbitrum,” the blog post said. “As we do with many Arbitrum teams, we’ll provide product and [go-to-market] support to these early-stage projects, collaborating closely to help their applications thrive on Arbitrum.”

Arbitrum Foundation is a non-profit that stewards Arbitrum ecosystem governance. Offchain Labs, which created the blockchain in 2021, focuses on developer tooling and core network infrastructure.

Offchain Labs is pitching its new initiative as a way to spur greater activity and interest in the wider Arbitrum ecosystem. According to the blog post from the company, the first Onchain Labs projects will soon emerge from stealth. Offchain Labs said the only projects supported by its new program will be those that explicitly «commit to fair and equitable launches» — presumably meaning they avoid token launches and other mechanics that preference insiders.

Offchain Labs stated in its blog post that the selection criteria are meant to avoid «extractive ecosystems» and «zero-sum games.» Tandem, Offchain Labs’ venture capital arm, «may or may not purchase associated tokens in public markets,» the company added.

Arbitrum is a layer-2 optimistic rollup network on Ethereum. Like other rollups, the chain is designed to process transactions faster and more cheaply than the main Ethereum blockchain. Several new blockchains are built on Arbitrum’s technical framework, forming a network of interconnected blockchains called Arbitrum ‘Orbit.’

Arbitrum is currently the largest layer-2 network on Ethereum, with roughly $12.2 billion on its primary ‘Arbitrum One’ chain, according to L2beat.

Read more: Arbitrum Deepens Ties with South Korea’s Lotte Group