Bitcoin may not be insulated from a decline to $53,000, according to Ki Young Ju, CEO of CryptoQuant, who argues that historical bear market cycles have only concluded after prices fell below the average acquisition cost of current investors at that level.
Since March 2024, spot Bitcoin ETFs and structured products have collectively absorbed more than 1.24 million BTC, yet the asset has largely retraced to similar price levels, suggesting the sustained inflows have masked unusually intense selling pressure. Ki Young Ju characterized this dynamic as evidence of significant ownership transfers occurring beneath the surface of aggregate market data.
The observation highlights a disconnect between institutional capital deployment and price discovery, raising questions about whether current holders possess conviction sufficient to defend psychological support levels during a potential liquidation event. Historically, bear market bottoms have emerged only after prices ventured below the weighted average entry point of the broader investor base.