[Analysis: Market bottom remains unclear, Bitcoin faces sustained selling pressure with no new inflows of capital] BlockBeats news, February 1, CryptoQuant founder Ki Young Ju analyzed in a post, 'Bitcoin is declining under sustained selling pressure, while no new inflows of capital are entering the market. The Realized Cap has been trending sideways, which indicates no new capital is flowing into the market. In this context, if the total market capitalization drops, it cannot be considered a bull market. Due to large-scale purchases by ETFs and MSTR (MicroStrategy), early holders have accumulated significant unrealized gains. They have been gradually taking profits since early last year, but the strong inflows of capital that previously supported Bitcoin at nearly $100,000 have now dried up. MSTR has been one of the key drivers of this cycle. Unless Saylor significantly sells off his holdings, it is unlikely we will see a deep -70% crash like in previous cycles. Currently, selling pressure remains persistent, and the bottom is still unclear. However, this bear market is more likely to evolve into a wide-ranging sideways consolidation.'