According to a report by Golden Finance, according to a Cryptoquant CEO Ki Young Ju, the bull market cycle of Bitcoin has ended. By analyzing the realized market value in the on-chain data, it is pointed out that the market is currently showing a typical bear market signal: although funds continue to flow into the market, the price has not risen accordingly. Ki Young Ju explained that when small amounts of funds can drive prices up, it means they are in a bull market; and when large amounts of funds cannot push prices up, it means that the bear market is coming. He said that while selling pressure may be alleviated at any time, based on historical experience, a real market reversal usually takes at least six months, and the possibility of a rebound in the short term is low.