According to Cryptoquant CEO Ki Young Ju, the Bitcoin bull market cycle has ended, and by analyzing the realized market capitalization (Realized Cap) in the on-chain data, it is pointed out that there is a typical bear market signal in the market: although funds continue to flow into the market, the price has not risen accordingly. Ki Young Ju explains that when small amounts of money can push prices up, it is a bull market; when large amounts of money cannot push prices up, it is a bear market. He says that while selling pressure can ease at any time, historical experience shows that a true market reversal usually takes at least six months and a short-term rebound is less likely.