CryptoQuant CEO Warns: Bitcoin Has Entered Bear Market
Today, Ki Young Ju, the CEO of the leading blockchain data analysis platform CryptoQuant, made a striking statement on X: the bull market cycle for Bitcoin has ended. His analysis is based on the Realized Cap metric, a tool that measures the actual capital inflow into the Bitcoin market through on-chain transactions. According to CryptoQuant's data, despite capital still flowing in, the Bitcoin price has stagnated, showing strong selling pressure, marking the beginning of a bear market.
A chart provided by CryptoQuant clearly illustrates this trend: during previous bull market cycles, Bitcoin's market capitalization often far exceeded Realized Cap. However, currently, despite new capital inflows, the price remains stagnant. Ki Young Ju mentioned MicroStrategy's strategy of purchasing Bitcoin using convertible bonds, a strategy that previously drove prices up significantly when selling pressure was low. But as Bitcoin's price approached $100,000, massive selling pressure prevented further price increases.
CryptoQuant's CEO predicts that prices are unlikely to recover in the short term, and a true trend reversal may take at least six months. This view has attracted widespread attention from the crypto investment community.
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