As selling pressure continues in the cryptocurrency market, Ki Young Ju, CEO of the on-chain data analytics platform CryptoQuant, made noteworthy assessments regarding the downward trend in Bitcoin. According to Ju, the main reason for the decline in Bitcoin’s price is the halt in new capital inflows into the market and the continuation of profit-taking by existing investors.
Ju stated, “Bitcoin is falling because selling pressure continues and there is no new capital inflow.” He pointed out that the realized market capitalization indicator is moving sideways, which is a clear sign that no new money is entering the market. According to the analyst, the decline in market capitalization in this environment indicates that current conditions do not point to a bull market.
Ju emphasized that early investors, in particular, had made significant unrealized gains through spot Bitcoin ETF and MicroStrategy purchases, noting that these investors have gradually shifted towards profit-taking since the beginning of last year. However, strong capital inflows at that time had managed to keep Bitcoin near the $100,000 level. Now, he states that these inflows have largely dried up.
According to Ju, one of the most important drivers of the rally was MicroStrategy’s aggressive Bitcoin purchases. He argued that unless the company’s CEO, Michael Saylor, sold off a large portion of his holdings, a repeat of the deep 70% crashes seen in past cycles was unlikely. However, Ju noted that selling pressure was still ongoing, that the market had not yet formed a clear bottom, and that the process could evolve into a broad, prolonged period of sideways consolidation.
According to the analyst, the current picture points not to a sudden collapse, but rather to a “prolonged bear market” scenario where investor confidence is weak, capital inflows remain limited, and the price struggles to find a clear direction.
*This is not investment advice.