TechFlow news: On February 1, CryptoQuant CEO Ki Young Ju noted that the stagnation of Realized Cap indicates a lack of fresh capital entering the market. Although early holders are sitting on massive unrealized gains—driven by ETF inflows and MicroStrategy’s (MSTR) substantial purchases—they have been taking profits since the beginning of last year.
Analysts believe that, unlike previous cycles, a 70% crash is unlikely unless MicroStrategy’s Michael Saylor significantly dumps his holdings. The market may currently be entering a broad-ranging bearish consolidation phase until a new cohort of buyers emerges.
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