Ki Young Ju, this data model is quite interesting; it shows an 18-month PnL decline cycle, and we're only just entering a bear market, with the bottom not expected until early 2027? So, it's indeed still early to be bottom-fishing now.

CryproQuant founder Ki Young Ju stated that the profit and loss (PnL) levels of Bitcoin investors usually trigger a chain reaction and continue to decline for about 18 months after taking profits. This trend shifted in October 2025, and the current bear market may last until early 2027. A true reversal requires unrealized profits to rise again and realized profits to start decreasing, but this has not yet occurred. Source: ChainCatcher.