CryptoQuant Founder: Even If All 1.3 Million BTC Held by ETF Funds and Treasury Companies Exit, On-Chain Cost Basis Still Points to a Bottom Around $30,000

Odaily reports: According to monitoring by CryptoQuant founder Ki Young Ju, ETFs have brought in $58 billion, and Bitcoin treasury companies hold 1.3 million BTC. Even if all these funds and holdings were to exit, the on-chain cost basis still indicates a bottom around $30,000. Reaching $10,000 would imply an MVRV of 0.2, while Bitcoin's worst historical bottom was 0.6; this would require 2019 buyers to panic, but they have already endured two 75% drawdowns.