[CryptoQuant Founder: Bear Market Has Ended, New Bull Market Cycle Has Begun] CryptoQuant founder Ki Young Ju posted, 'Since Bitcoin reached its all-time high in October 2025, the demand for spot and perpetual futures has turned positive for the first time. Although the scale is still small, if this trend continues for a month, it can reasonably be concluded that the bear market has ended and a new bull market cycle has begun.'