CryptoQuant reports that Bitcoin has not yet reached a 'capitulation' bottom, with several key on-chain indicators still in a 'bear market phase.' The data firm highlights that despite a $5.4 billion realized loss on February 5, the monthly cumulative realized loss remains significantly below levels seen at previous bear market bottoms. CryptoQuant estimates the 'ultimate bear market bottom' for Bitcoin to be around $55,000, noting that such a bottom typically takes months to form.