CryptoQuant's founder Ki Young Ju believes the Bitcoin bull market has ended.

He stated that due to decreased market liquidity, the Bitcoin bull market has lost momentum, and he expects prices to continue to decline or consolidate sideways in the next 6 to 12 months.

There is no new capital inflow on-chain, and Bitcoin spot ETFs have seen outflows for three consecutive weeks; even with huge trading volumes, Bitcoin may struggle to return to the $63,000 mark.