ChainCatcher message, CryptoQuant founder and CEO Ki Young Ju posted on X platform that the Bitcoin bull run cycle has ended, for the following reasons:

There is a concept in on-chain data called realized market cap. Its working principle is as follows: when BTC enters a blockchain wallet, it is considered a "buy," and when it leaves, it is considered a "sell." Using this idea, you can estimate the average cost basis of each wallet by multiplying it by the amount of BTC held, which gives the total realized market cap, typically viewed as the total capital that has entered the Bitcoin market through actual on-chain activities, while the market cap is based on the latest trading prices on exchanges.
When selling pressure is low, even small purchases can push up the price, thereby increasing the market capitalization. The strategy takes advantage of this by issuing convertible bonds and using the proceeds to purchase Bitcoin #荣誉积分抽奖，赢MacBook Air和精美周边 #关税政策后市场分析 #近期抄底币种推荐 .