Bitcoin Slides as Realized Cap Flattens and New Capital Inflows Dry Up

Bitcoin trended lower on Feb. 1 under sustained selling pressure as Realized Cap flattened, signaling a lack of new capital entering the market, CryptoQuant founder Ki Young Ju said. He noted that large-scale purchases by ETFs and MicroStrategy enabled early holders to accrue considerable unrealized gains, which they have been gradually realizing since early last year, while previously robust inflows that kept Bitcoin near $100,000 have now dried up. Ju added that MicroStrategy is a key driver in the current cycle and argued that a 70% drawdown akin to prior cycles is unlikely unless CEO Michael Saylor offloads a sizable portion of holdings; for now, selling pressure persists, the market bottom remains uncertain, and this phase is more likely to transition into broad sideways consolidation.