Ki Young Ju, CEO of CryptoQuant, said that although he has been bullish on the market for the past two years, the current data has clearly weakened and the market may have entered a bear market. He pointed out that the indicators based on realized market value show a lack of new liquidity, and the large trading volume around $100,000 has failed to drive prices up. At the same time, ETFs have seen capital outflows for three consecutive weeks. He emphasized that he would not short Bitcoin and would still hold spot. Earlier news, CryptoQuant CEO believed that the Bitcoin bull market cycle has ended.