BlockBeats News, February 1st, CryptoQuant founder Ki Young Ju wrote an analysis stating, “Bitcoin is trending lower under continuous selling pressure, with no new incremental funding entering. Realized Cap has stagnated, indicating no new money flow into the market. In this context, if the total market cap drops, it cannot be called a bull market.
Due to ETF and MSTR (Strategy) large-scale buys, early holders have accumulated significant unrealized gains. They have been gradually taking profits since early last year, but the previously strong fund inflows that supported Bitcoin’s maintenance near the $100,000 level have now dried up.
MSTR has been one of the key drivers of this round of gains. Unless Saylor significantly sells off his holdings, it is unlikely to see the deep -70% crashes of past cycles.
Currently, selling pressure is still ongoing, the bottom is not yet clear, but this bear market cycle is more likely to evolve into a large-range sideways consolidation.”
