[CryptoQuant CEO: Uncertain if Bitcoin has bottomed out, still far from the bottom from a traditional cycle perspective] CryptoQuant CEO Ki Young Ju stated on the X platform that it is uncertain whether Bitcoin is at the cycle bottom. He shared a logarithmic chart, pointing out that from the perspective of traditional cycles, Bitcoin still seems far from the bottom. In every major cycle, the price has touched the realized price; if it doesn't this time, perhaps 'this time is different.' When the price approaches investors' cost basis, the risk-reward ratio improves significantly.