Bitcoin’s recent slide into the mid-$90,000s has raised fears across the market. But CryptoQuant CEO Ki Young Ju says the price structure remains far stronger than many traders believe.
Realized Cap Surge Signals Strong Bitcoin Demand Amid Pullback
Ki Young Ju believes that Bitcoin can recover at any time provided capital inflows are maintained. He stated this after the price dropped drastically from $114,000 the previous week. This was a fall that coincided with the increased strength in the dollar and real yields.
It is a continuation of the downtrend in Bitcoin price after it dropped below $100,000 following the reopening of the U.S. government. The drop is significant given that many analyst expected the reopening to cause a rise in the coin’s price.
Ju referenced the realized cap data to support his claim. The realized cap of the Bitcoin reached the all-time high of $1.12 trillion and that means that more buyers are still continuing to accumulate the asset at a higher price.
Usually, the metric only increases with new capital entering the market. As such, it is one of the best indicators of the underlying demand. This trend mirrors recent institutional accumulation, including a $162 million Bitcoin buy by Strive owned by Vivek Ramaswamy.
The increase in this metric happened as Bitcoin lost more than 10% of its value in three days. Thus, the claims of weakening market structure are exaggerated.
Key Support Emerges as Whale Outflows Begin to Cool
Ki Young Ju also referenced cost-basis levels for recent entrants. His latest chart shows that wallets aged 6 to 12 months hold a realized price near $94,000. He says the market should not confirm a bear cycle unless Bitcoin falls decisively below that zone.
According to him, the $94,000 region is now one of the most important support clusters of this cycle. Currently, BTC price is $96,056 after recording modest gains in the last day.
Based on his statement regarding Bitcoin’s oldest whales, Glassnode data shows long-term holders moved average of 26,500 BTC per day this month. Although these levels appear heavy, the intensity of outflows from these reduced this week.
Large seven-year-old wallets that moved more than 1,000 BTC per day last week have slowed significantly. Such a cooldown often marks the beginning of price stability in major pullbacks.
Macro Tightening Drives Fear As Downside Odds Climb
Ju also pointed to macro conditions that pushed Bitcoin lower. The strong dollar and rising yields pressured risk assets throughout the week. Based on Ju’s perspective, Bitcoin does not need a new catalyst to rebound. Instead, it only requires a pause in macro tightening.
Meanwhile, prediction market data from Kalshi shows traders remain unsure about near-term levels. A recent contract asking “How low will Bitcoin get this year?” shows rising expectations for a deeper downside probe.
Traders now assign a 63% chance that Bitcoin will trade below $90,000 at some point before year-end. This probability climbed in recent days as volatility increased.
Source: https://coingape.com/cryptoquant-ceo-says-bitcoin-rebound-likely-if/
