CryptoQuant CEO: Bitcoin May Avoid Deep Correction Without Large-Scale MSTR Sell-Off

Odaily Planet News: Ki Young Ju, CEO of CryptoQuant, posted on the X platform stating that the current decline in Bitcoin's price is mainly due to ongoing selling pressure and a lack of new capital inflows. He noted that the Realized Cap (a metric reflecting the total value of all coins based on their last transaction price) has recently remained relatively flat, indicating that there has been no significant influx of new capital into the market. In such an environment, a drop in the total market capitalization typically does not align with a bull market structure. Ki Young Ju further explained that due to continued buying from ETFs and institutional strategies, early holders still have substantial unrealized gains. Since the beginning of last year, these holders have gradually taken profits. Strong capital inflows previously supported Bitcoin in maintaining a price around $100,000, but such inflows have now clearly weakened. He believes that strategies have been one of the key drivers of this rally. If Michael Saylor does not significantly offload his holdings, the market may struggle to experience a deep correction of around 70%, as seen in previous cycles. Overall, selling pressure is still ongoing, and the market bottom remains unclear. However, this bearish phase is more likely to manifest as a wide-ranging consolidation pattern.