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

On November 3rd, Ki Young Ju, the CEO of CryptoQuant, shared a series of on-chain data about Bitcoin and presented the following key analyses: 1. The unrealized gains of whales are not extremely high. This may suggest one of the following two situations: "The hype has not yet arrived - we are far from the euphoric sentiment." or "This time is different - the market is too large to maintain a high profit margin." 2. Bitcoin's hash rate continues to reach new highs (with approximately 5.96 million ASIC miners online). Listed mining companies are expanding rather than downsizing, 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 reappear. 4. In the past 6 months, short-term whales (mainly ETFs) are close to breaking even. Long-term whales have gained about 53%. Historically, the market has shown clear four-year cyclical fluctuations, with retail investors and whale investors accumulating and distributing. It is now more difficult to predict where and to what extent new liquidity will flow in, making it unlikely for Bitcoin to follow the same cyclical pattern again. 5. The average cost of a Bitcoin wallet is $55,900, indicating that 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 price increase is not due to selling pressure but rather due to weak demand.