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Ki Young Ju, founder & CEO at CryptoQuant, observes that Bitcoin is undergoing a significant distribution phase marked by a substantial change of hands among investors.
He highlights that the average cost basis for Bitcoin investors is currently around $53K and notes that, historically, bear markets only ended when the price dropped below the realized price. Ju suggests that it may be difficult to return to these levels due to continued institutional inflows.
Ju recently said Bitcoin’s bear market may stretch into early 2027, citing a lack of signals for a near-term reversal in investor profits and losses, according to a previous analysis. He has also contrasted sentiment on major platforms, noting that crypto ETFs on traditional finance systems remain bullish while stocks listed on crypto exchanges continue to face bearish pressure. These observations build on Ju’s ongoing assessment of market phases and investor positioning.