PANews reported on March 18 that CryptoQuant CEO Ki Young Ju said that despite being 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 indicators based on realized market capitalization show a lack of new liquidity, and a large amount of trading volume around $100,000 has failed to drive prices up, while 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 .