CryptoQuant founder: ETF and Strategy accumulate BTC inflows exceeding Satoshi Nakamoto's holdings, BTC prices still under pressure According to a report by Golden Finance, on June 4th, Ki Young Ju, founder and CEO of CryptoQuant, posted on the X platform that the current distribution phase looks like a large-scale chip turnover. The average realized price for Bitcoin investors is approximately $53000. Historically, bear markets typically only truly end when prices fall below the realized price. I originally thought that returning to this level would be very difficult against the backdrop of continuous inflows of institutional funds and MicroStrategy hardly selling Bitcoin. But the current price trend indicates that the market is facing exceptionally strong selling pressure. Since January 2023, MicroStrategy has bought a total of 711206 BTC and sold only 32 BTC, which is equivalent to removing 711174 BTC from the market circulation. Since March 2024, when the Bitcoin price was also around $63000, the US spot Bitcoin ETF has cumulatively absorbed 509102 BTC, while MicroStrategy has increased its holdings by 650706 BTC. This means that both have absorbed a total of 1159808 BTC, but the price of Bitcoin has now returned to the same level. As a reference, the current reserve of the exchange is about 2.7 million BTC, while the market generally estimates that Satoshi Nakamoto holds about 1 million BTC. In other words, the amount of Bitcoin absorbed by the market has exceeded Satoshi Nakamoto's holdings and is close to half of the total exchange reserves, but the price has still returned to the same level.