The Bitcoin (BTC) sale by Strategy, the largest institutional bull, after a long period of inactivity, negatively impacted the price. Bitcoin, which was above $70,000 on the day the sale news broke, fell to the $61,000 level due to the subsequent selling pressure.
As the sell-off continues in the market, CryptoQuant CEO Ki Young Ju shared a scenario that could signal a bottom. According to Ki Young Ju, short-term BTC holders are turning into long-term investors.
CryptoQuant CEO Ki Young Ju stated in an interview with X that short-term investors who have held Bitcoin for less than 155 days are turning into long-term investors.
Ki stated that BTC is at the same price level as it was two years ago, and that addresses holding Bitcoin for six months to two years currently hold approximately 53% of the supply. This figure was around 15% two years ago.
The renowned CEO pointed out that in past cycles, the market’s retention rate for this group bottomed out when it reached 68% of the supply.
He added that he views the sales by Bitcoin OGs and former miners as a transfer to institutional investors and ETFs.
The renowned CEO states that he ultimately believes what matters is who holds the assets.
He argues that if current holders can attract more liquidity, the next rally is possible at any moment, and institutional investors could create a stronger demand base for asset value appreciation.
“I see the sale of Bitcoin OGs and former miners as a major handover process, shifting ownership to traditional American financial institution investors and ETFs.”
What matters for any asset is who holds it. If those holding it now are actors who could attract greater liquidity in the future, I think the next rally can always be replanned.”
*This is not investment advice.
