According to Golden Finance, CryptoQuant CEO Ki Young Ju said that although he has been bullish in the past two years, the current data has obviously weakened and the market may have entered a bear market. He pointed out that indicators based on the realized market value showed a lack of new liquidity, and a large amount of trading volume around $100,000 failed to drive prices, while ETFs experienced capital outflows for three consecutive weeks. He stressed that he would not short Bitcoin and would still hold spot. Previous news, CryptoQuant CEO believes that the bull market cycle of Bitcoin has ended.