Bitcoin Market Holds Strong Despite Sharp Pullback, Says CryptoQuant CEO

Bitcoin’s recent drop into the mid-$90,000 range has sparked concerns across the crypto market, but CryptoQuant CEO Ki Young Ju argues that the asset’s underlying structure remains far more resilient than many traders assume. Despite the steep retreat from last week’s high near $114,000—a decline driven largely by a strengthening U.S. dollar and rising real yields—Ju emphasizes that investor demand is still robust, backed by rising capital inflows.

According to Ju, Bitcoin’s realized cap recently surged to an all-time high of $1.12 trillion. This metric only increases when new capital enters the market, making it a strong indicator of long-term demand. The milestone suggests that buyers continue to accumulate BTC at higher price levels even as volatility increases. The trend also aligns with recent institutional activity, including a $162 million Bitcoin purchase by Strive, founded by Vivek Ramaswamy. Ju believes that as long as inflows remain healthy and major early-cycle whales slow their selling, Bitcoin maintains the potential to rebound at any moment.

Although Bitcoin fell more than 10% in just three days, Ju argues that claims of weakening market structure are overstated. He highlights the importance of cost-basis levels for mid-term holders, noting that wallets holding coins for six to twelve months currently have a realized price near $94,000. He suggests that a true bear-cycle confirmation would only occur if Bitcoin breaks decisively below this support zone. With BTC now trading around $96,056, the market continues to hover just above this critical level.

Blockchain data supports the idea of stabilizing conditions. Glassnode reports that long-term holders have been distributing an average of 26,500 BTC daily this month, but those outflows have eased in recent days. Large, seven-year-old wallets that were previously moving over 1,000 BTC per day have also slowed their activity, typically a sign that selling pressure is beginning to cool.

Ju also points to macroeconomic forces—such as tightening financial conditions, a stronger dollar, and rising yields—as primary drivers behind Bitcoin’s recent weakness. He argues that the cryptocurrency does not need a fresh bullish catalyst; it simply needs relief from macro pressure to regain momentum. Nonetheless, prediction markets show ongoing uncertainty. Kalshi traders now assign a 63% probability that Bitcoin will fall below $90,000 before year-end, reflecting growing expectations of further downside as volatility persists.

Despite these concerns, Ju maintains that Bitcoin’s long-term demand remains intact, signaling that the market may be better positioned for recovery than many fear.