CryptoQuant CEO: Bitcoin Cycle Pattern May Have Ended, Current Price Weakness Due to Lack of Demand

BlockBeats News, November 3rd, CryptoQuant CEO Ki Young Ju shared a series of on-chain data about Bitcoin and expressed the following key analytical points:

1. Whale's Unrealized Profit Is Not Extremely High. This may imply one of the following two scenarios: "The hype has not arrived yet - we are far from the euphoric sentiment" or "This time is different - the market is too big to tolerate a high profit margin."

2. Bitcoin's hash rate continues to hit new highs (about 5.96 million ASIC miners online). Listed mining companies are expanding rather than scaling down, which is a clear long-term bullish signal.

3. The current demand is mainly driven by ETFs and MicroStrategy, but the buying pressure from these two major channels has recently slowed down. If these two channels resume growth, market momentum may return.

4. The short-term whales in the past 6 months (mainly ETFs) are close to breakeven. Long-term whales have a profit of about 53%. In the past, the market has shown a clear four-year cyclical volatility, with accumulation and distribution between retail investors and whale investors. It is now more difficult to predict where and to what extent new liquidity will flow in, making it less likely for Bitcoin to follow the same cyclical pattern again.

5. The average cost of a Bitcoin wallet is $55,900, meaning holders have an average profit of about 93%. The realized market value continues to rise (increased by $8 billion this week), indicating that on-chain fund inflows remain strong. The inability of the price to rise is not due to selling pressure but rather due to weak demand.