CryptoQuant reports that Bitcoin has not yet reached a "full capitulation" bottom, with key onchain indicators still in a "bear phase" rather than the "extreme bear phase" seen at historic cycle lows. Despite a significant sell-off on February 5, resulting in $5.4 billion in realized losses, monthly cumulative losses remain below those observed at previous bear-market bottoms. The analytics firm suggests that the "ultimate bear-market bottom" for Bitcoin is currently around $55,000, emphasizing that such bottoms typically take months to form. This analysis indicates that Bitcoin's current market conditions have not yet reached the extreme lows characteristic of past cycles.