Unrealized profit rebound + realized profit decline is the true reversal signal. Currently, neither side is gaining, and it’s still in the bottoming phase.

CryptoQuant founder Ki Young Ju stated that once profit-taking begins, it usually triggers a chain reaction, and Bitcoin investors' profit and loss levels (PnL) tend to decline continuously over approximately 18 months. This trend is expected to reverse in October 2025, and the bear market could last until early 2027. A true reversal requires an increase in unrealized profits and a decline in realized profits, but this signal has not yet appeared.