PANews reported on February 1st that CryptoQuant CEO Ki Young Ju stated on the X platform that Bitcoin's price continues to fall due to persistent selling pressure and a lack of new capital inflows. Stagnant market capitalization indicates a lack of new funds entering the market. In this situation, a decline in market capitalization does not necessarily indicate a bull market.

Early holders hold a significant amount of unrealized gains due to purchases of ETFs and MSTR. They began taking profits early last year, but strong inflows kept Bitcoin's price around $100,000. These inflows have now dried up. MSTR was the primary driver of this rally. Unless Saylor significantly sells off his Bitcoin holdings, we won't see a 70% drop as seen in previous cycles. Selling pressure continues, so a bottom hasn't yet appeared, but this bear market is likely to result in a wide range of sideways consolidation.