Bitcoin May Be Entering a Sideways Adjustment Phase, Says CryptoQuant Founder

Ki Young Ju, founder of on-chain analysis firm CryptoQuant, stated on the 1st that Bitcoin (BTC) is experiencing a decline due to continued selling pressure and a drought in new capital inflows.

The realized market capitalization remains flat, indicating a lack of new capital inflows. In such an environment, if the market capitalization falls, it can no longer be considered a bull market, he noted.

Realized market capitalization is calculated by evaluating each Bitcoin at the price it last moved on-chain, summing these values. It does not increase unless Bitcoin moves, thus serving as an indicator of whether there are new capital inflows or not.

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