ChainCatcher 消息，CryptoQuant CEO Ki Young Ju 在 X 平台发文表示，比特币当前下跌主要因持续抛压与新增资金缺失。他指出，已实现市值（Realized Cap）近期基本走平，意味着市场未出现明显新增资本，在此环境下若总市值回落，通常不属于牛市结构。
Ki Young Ju 进一步称，受 ETF 资金与 Strategy 持续买入影响，早期持有者当前仍持有较大未实现盈利，并自去年初起逐步兑现利润。此前强劲资金流入一度支撑比特币维持在约 10 万美元附近，但目前相关增量资金已明显减弱。他认为 Strategy 曾是本轮上涨的重要驱动力之一，若 Michael Saylor 未出现大规模减持，市场或难以重现以往周期中约 70% 级别的深度回撤。整体来看，当前抛压仍在持续，市场底部尚未明确，但本轮熊市阶段更可能呈现宽幅区间震荡格局。
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