Ki Young Ju Says Bitcoin (BTC) Cost Basis Points to $30,000 Floor

CryptoQuant founder Ki Young Ju argued that Bitcoin (BTC) has an on-chain floor near $30,000, even under a scenario in which ETF inflows and treasury-company holdings exit the market.

Ju’s estimate covers a scenario where $58 billion in ETF inflows and 1.3 million Bitcoin held by treasury companies leave the market. He argued the cost-basis reading would still put the bottom near $30,000 in that case.

MVRV, short for market-value-to-realized-value, compares Bitcoin’s market value with its realized value. Realized value estimates the aggregate on-chain cost basis of coins using the prices at which they last moved.

Ju put MVRV at 0.2 at a Bitcoin price of $10,000, below the 0.6 level he identified at Bitcoin’s weakest historical bottoms. He argued that reaching $10,000 would require buyers from 2019 to panic, despite having already endured two 75% declines.