TechFlow news, November 2: Ki Young Ju, founder and CEO of CryptoQuant, stated on X platform: "I've given up predicting Bitcoin's price, but I haven't given up analyzing data," and shared Bitcoin data analysis showing selling pressure outweighing demand and leverage remaining high; momentum may restart if ETFs/MSTR resume net buying. Details:
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Network-wide average cost at $55,900, average unrealized profit ~+93%; this week Realized Cap increased by $8B, on-chain inflows remain strong, but prices are suppressed by selling pressure.
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New buying concentrated in ETFs/treasuries; Binance traders and miners have a cost basis around $56K (nearly doubled unrealized gains), with increasing willingness to realize profits.
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The "multiplicative gap" between market cap and realized market cap is moderately widening, not yet reaching extreme euphoria.
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BTC inflows from spot to futures have declined significantly, reducing high-conviction long positions; post-liquidation leverage remains higher than two years ago, volatility risks persist.
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Mining hashrate hits new highs (~5.96 million ASIC units), publicly listed mining firms continue expanding, indicating positive long-term fundamentals.
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ETFs and Strategy have recently slowed net buying; if the pace resumes, market momentum is likely to return.
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Ki noted that incremental liquidity has become more diversified, making it difficult for Bitcoin to strictly follow the traditional four-year cycle again.
