Odaily Planet Daily reports that, according to Ki Young Ju, founder of CryptoQuant, ETFs have brought in $58 billion in capital, and Bitcoin treasury companies hold 1.3 million BTC. Even if all this capital and holdings were to exit, the on-chain cost basis still indicates a bottom near $30,000. A price of $10,000 would imply an MVRV of 0.2, while Bitcoin’s historical worst bottom was 0.6; this would require 2019 buyers to be in a state of panic—but they have already experienced two 75% declines.
CryptoQuant Founder: Even if 1.3M BTC exits from ETFs and Treasuries, on-chain cost basis points to a $30K bottom.
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Summary
CryptoQuant founder Ki Young Ju highlighted that on-chain trading signals indicate a $30,000 support and resistance level for Bitcoin, even if 1.3 million BTC from ETFs and treasuries exit. With $58 billion in ETF inflows, the on-chain cost basis still points to a floor near $30,000. A drop to $10,000 would push MVRV to 0.2, far below the 0.6 observed at past market bottoms. Early 2019 buyers have already endured two 75% declines and are unlikely to panic again.
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