CryptoQuant CEO: If MSTR Does Not Engage in Large-Scale Selling, Bitcoin May Avoid a Historically Deep Crash

Odaily News CryptoQuant CEO Ki Young Ju stated on platform X that the current decline in Bitcoin is primarily due to sustained selling pressure and a lack of new capital inflows. He pointed out that the Realized Cap has recently remained largely flat, indicating no significant influx of new capital into the market. Under such conditions, if the total market capitalization falls back, it typically does not align with a bull market structure. Ki Young Ju further noted that, influenced by ETF capital and continued purchases by Strategy, early holders still hold substantial unrealized profits and have been gradually realizing these profits since the beginning of last year. Previously, strong capital inflows once supported Bitcoin around the $100,000 level, but the related incremental capital has now significantly weakened. He believes that Strategy was one of the key drivers of this rally. If Michael Saylor does not engage in large-scale selling, the market may struggle to replicate the deep corrections of around 70% seen in previous cycles. Overall, selling pressure persists, and a clear market bottom has not yet been established. However, this bear market phase is more likely to manifest as a wide-range consolidation pattern.