Odaily Planet Daily reported that CryptoQuant CEO Ki Young Ju stated on the X platform that the current decline of Bitcoin is mainly due to persistent selling pressure and the lack of new capital. He pointed out that the realized market cap has recently stabilized, indicating that there has been no significant influx of new capital into the market. In this environment, if the total market cap declines, it usually does not constitute a bull market structure. Ki Young Ju further mentioned that, influenced by continuous buying of ETF funds and Strategy, early holders still hold significant unrealized profits and have been gradually cashing out since early last year. Previously, strong capital inflows once supported Bitcoin to stay around $100,000, but currently, related incremental funds have significantly weakened. He believes that Strategy was one of the key driving forces behind this round of rally. If Michael Saylor had not made large-scale reductions, the market might not have experienced the deep retracement of about 70% seen in previous cycles. Overall, selling pressure remains ongoing, the market bottom has not yet been confirmed, but this bear market phase is more likely to present a wide-range oscillation pattern.
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