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CryptoQuant CEO: The bottom of this cycle will be around $56,000.
On November 18, CryptoQuant founder and CEO Ki Young Ju stated that the average order size in the BTC futures market indicates that Whales have exited the market, with retail investors currently in control. The on-chain data for BTC has shown a stagnation in the growth of Realized Cap for three consecutive days, and the overall market capitalization growth rate is slower than that of the realized market capitalization, indicating strong selling pressure. The PnL index flipped to short positions on November 8, and Whales are realizing profits on a large scale. If the cycle theory holds, the bottom of this cycle is expected to be around $56,000.