[CryptoQuant CEO: If MSTR does not engage in large-scale selling, Bitcoin may struggle to experience a historically deep crash] Odaily Planet Daily News – CryptoQuant CEO Ki Young Ju posted on the X platform, stating that Bitcoin's current decline is mainly due to sustained selling pressure and a lack of new capital inflows. He pointed out that the Realized Cap has remained relatively flat recently, indicating that the market has not seen significant new capital. In this environment, if the total market cap declines, it typically does not align with a bull market structure. Ki Young Ju further mentioned that due to the influence of ETF funds and Strategy's continuous buying, early holders still maintain significant unrealized profits and have been gradually realizing profits since early last year. Previously, strong capital inflows once supported Bitcoin at around $100,000, but the related incremental funds have now significantly weakened. He believes that Strategy was one of the key driving forces behind this round of price increases. If Michael Saylor does not engage in large-scale selling, the market may find it difficult to replicate the approximately 70% deep corrections seen in previous cycles. Overall, selling pressure remains persistent, and the market bottom is not yet clear. However, this bear market phase is more likely to exhibit a wide-range consolidation pattern.