Bitcoin briefly rose above $80,000 last week, and Kraken co-CEO Dave Ripley (데이브 리플리) raised the possibility that the bear market is ending.

On Nov. 9 local time, Bitcoin Magazine reported that Ripley said on the outlet’s podcast that the recent correction period was a bitcoin bear market and that bitcoin is now moving out of the bear-market phase.

Ripley cited bitcoin’s brief return to the $80,000 level last week. He said this correction was milder than in past cycles and assessed that it may have been the most gradual bear market in bitcoin’s history. He interpreted the recent rebound as a signal of an exit from the bear market.

He also focused on how investors approach bitcoin. Explaining bitcoin investment trends among retail investors and institutional clients, Ripley said institutions are accepting bitcoin as “digital gold.” His comments pointed to an institutional view of bitcoin as a store of value rather than a means of payment.

On stablecoins, he assessed them as an example showing the usefulness of networks that anyone can join without separate permission. He also said the spread of stablecoins could lead to bitcoin payments. Separate from institutions’ store-of-value demand, he suggested potential uses through payment infrastructure.

Still, institutional interest or an expansion of payment infrastructure does not immediately translate into short-term price gains. Ripley’s remarks are a diagnosis based on the recent rebound and changes among market participants, and whether the bear market has ended must be confirmed through future price moves.

The discussion also covered changes in the exchange’s revenue structure. Ripley said Kraken, which is preparing for an initial public offering, is diversifying revenue sources with payment services, proprietary trading and tokenised stocks. The direction is to complement a fee-centric revenue structure by expanding businesses beyond crypto trading.

Tokenised stock service xStocks was also mentioned in this process. It is a business aimed at linking traditional financial assets with blockchain-based trading and is an example of a crypto exchange expanding the assets it handles. Still, it is difficult to judge actual revenue contribution based only on the direction of business expansion.

On artificial intelligence, he discussed the possibility of crypto payments by AI agents and changes in how exchanges operate. Ripley said AI is affecting Kraken’s operations as well, but he did not present a specific timetable or adoption plan for service launches.

The key question in these remarks is whether bitcoin’s rebound can be seen as a signal that the bear market is ending. Ripley offered an optimistic view, citing a milder correction than in the past and a shift in institutional perceptions. Still, there is a need to distinguish between an expansion in bitcoin’s medium- to long-term uses and short-term price outlook.