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Ki Young Ju indicates that Bitcoin is currently in a profit-taking phase, suggesting a potential entry into a bear market.
He bases this on the PnL Index, which measures profit and loss against all wallets' cost bases. According to traditional cycle theory, only macro liquidity can counteract this trend, as observed in 2020.
These observations on Bitcoin's shifting profit dynamics draw parallels to the recent identification of a potential long-term accumulation zone—a phase marked by pronounced changes in market sentiment and investor positioning. Broader macro trends, such as those reflected by the KOSPI's record highs amid declining Korean crypto volumes, further underscore the interplay between traditional markets and digital assets in periods of heightened volatility.