# Bitcoin Enters Bear Market Behavior, What On-Chain Metrics Are Showing

Page: https://stenobird.com/podcast/the-bitcoin-layer-7070444/bitcoin-enters-bear-market-behavior-what-on-chain-metrics-are-showing
Text version: https://stenobird.com/podcast/the-bitcoin-layer-7070444/bitcoin-enters-bear-market-behavior-what-on-chain-metrics-are-showing.md
Podcast: [The Bitcoin Layer](https://stenobird.com/podcast/the-bitcoin-layer-7070444)
Published: 2026-02-03T02:52:30+00:00
Episode link: https://youtu.be/_FaM-IIt1bg
Audio file: https://cdn.simplecast.com/audio/93f29295-b98b-46ce-9822-223c512497e8/episodes/d78b6215-7567-47f9-91f3-e5a595c36442/audio/debd8e33-b04d-40cd-a6a3-080c98b889c8/default_tc.mp3?aid=rss_feed&feed=Y2219Riv
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JSON: https://stenobird.com/v1/public/podcasts/the-bitcoin-layer-7070444/episodes/bitcoin-enters-bear-market-behavior-what-on-chain-metrics-are-showing
Duration seconds: 2726

## Resource

In this episode, Nik sits down with TBL on-chain analyst Johan Bergman to break down Bitcoin’s recent breakdown, sell-the-rip behavior, and the on-chain signals flashing bear market conditions. Johan walks through cost basis models, the AVIV Ratio Mean, short-term holder behavior, and why Bitcoin’s November trend break marked a major regime shift. They discuss ETF flows, forced selling, liquidation dynamics, and where real support may emerge next, while separating long-term conviction from short-term market reality.

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## Transcript

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