The bear market script has renewed again; only when unrealized profits rebound and realized profits decline is the key to a reversal. Right now, the key hasn't been inserted into the lock yet.

CryptoQuant founder KiYoungJu stated that after profit-taking triggers a chain reaction, the profit and loss levels of Bitcoin investors typically continue to decline over approximately 18 months. This trend shifted in October 2025, suggesting that the current bear market could last until early 2027. A true reversal requires an increase in unrealized profits and a decrease in realized profits, and this signal has not yet been observed.