CryptoQuant CEO Ki Young Ju has put a clear reference level on the current Bitcoin correction – but is adamant it should not be mistaken for a prediction.
“Many people seem to be misunderstanding this, so let me clarify,” he wrote. “I am not saying $56K is the bottom. I am saying the realized price is 56K. If you follow the cycle theory, that level would be the bottom. But I think the cycle theory is broken, and the price could flip at any time depending on macro conditions and market sentiment.”
Bitcoin Realized Price Sits at $56,000
His latest data briefing breaks the market into three layers: futures, spot, and on-chain.
In the futures market, Ju says the average order size shows that futures whales have left and retail now dominates. Internal flow profile (IFP) data indicates BTC inflows from spot to futures exchanges have collapsed, ending the phase when large players were posting BTC as collateral to go long.
At the same time, the Estimated Leverage Ratio r
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