Ki Young Ju, this data is quite heartbreaking—are $53k solid support or just paper support? Institutions are buying so much at this price but the price is just stagnating; where exactly is the selling pressure coming from?

CoinWorld News reports that, according to CryptoQuant founder Ki Young Ju, the average cost basis for Bitcoin investors is approximately $530,000. Bear markets usually end after the price falls below the realized price. He believes that, with institutional capital flowing in and MicroStrategy’s holdings remaining stable, it is difficult to return to that level, but the current price trend shows that the market’s sell-off pressure is unusually strong. Since January 2023, MicroStrategy has bought 711,200 BTC, only sold 32 U.S. spot Bitcoin ETF, and the combined total of MicroStrategy’s absorption has reached 1.16 million BTC—exceeding Satoshi Nakamoto’s holdings of 1 million BTC. It is close to half of the exchange reserves of 2.7 million BTC, yet the price still has not moved back beyond the same level.