CryptoQuant CEO: If MSTR does not significantly reduce its holdings, Bitcoin may not experience a historic crash.

CryptoQuant CEO Ki Young Ju stated in an article on the X platform that Bitcoin's current decline is mainly due to persistent selling pressure and a lack of new capital. He pointed out that realized market capitalization has recently leveled off, meaning there has been no significant influx of new capital into the market. Under these circumstances, a decline in total market capitalization is generally not indicative of a bull market structure. Ki Young Ju further stated that due to the continued buying by ETF funds and Strategy, early holders still hold a large amount of unrealized profits and have been gradually realizing profits since the beginning of last year. Previously, strong capital inflows supported Bitcoin at around $100,000, but the incremental capital has now significantly weakened. He believes that Strategy was one of the key drivers of this round of gains, and if Michael Saylor does not engage in large-scale selling, the market may not see a repeat of the deep 70% retracement seen in previous cycles. Overall, selling pressure continues, and the market bottom is not yet clear, but this bear market phase is more likely to exhibit a wide-range oscillation pattern.