CryptoQuant CEO: The market bottom has not yet appeared, and this bear market may see a wide-ranging sideways consolidation.

PANews, February 1st – CryptoQuant CEO Ki Young Ju stated on X that due to ongoing selling pressure and a lack of new capital inflows, the price of bitcoin continues to decline. The realized market capitalization has stagnated, indicating that no new funds are entering the market. In this situation, a drop in market capitalization does not signal a bull market.

Early holders have accumulated significant unrealized gains thanks to ETF and MSTR purchases. They began taking profits as early as the beginning of last year, but strong capital inflows kept the price of bitcoin around $100,000. Now, these inflows have dried up. MSTR has been the main driver of this rally. Unless Saylor sells a large portion of his bitcoin holdings, we are unlikely to see a 70% crash as in previous cycles. Selling pressure remains, so the bottom has not yet appeared, but this bear market is likely to result in a broad sideways consolidation.