PANews February 1 News, CryptoQuant CEO Ki Young Ju stated on the X platform that due to persistent selling pressure and no new capital inflows, the price of Bitcoin continues to decline. The realized market cap has stagnated, indicating no new capital inflow. In this situation, a decline in market cap does not signify a bull market.
Early holders have held a large amount of unrealized gains due to ETF and MSTR purchases. They started taking profits since the beginning of last year, but strong capital inflows kept Bitcoin’s price around $100,000. Now, these inflows have dried up. MSTR has been the main driver of this round of rally. Unless Saylor significantly sells his Bitcoin holdings, we won’t see a 70% crash like in previous cycles. Selling pressure remains ongoing, so a bottom has not yet appeared, but this bear market is likely to form a wide-ranging sideways consolidation.
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