Ki Young Ju, CEO of CryptoQuant, said that while the market has been bullish for the past two years, the current data has weakened significantly and the market may have entered a bear market. He pointed out that indicators based on realized market capitalization showed a lack of new liquidity, that a lot of trading near the 100,000 dollar failed to drive prices higher, and that ETFs had seen outflows for three consecutive weeks. He stressed that he would not short bitcoin and would still hold spot. Previously, the CEO of CryptoQuant believes that the bitcoin bull market is over.