CryptoQuant Founder Ki Young Ju Says Bitcoin’s On-Chain Basis Points to a $30,000 Bottom, Even if ETF Funds and 1.3 Million BTC Exit
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CryptoQuant Founder Ki Young Ju Says Bitcoin’s On-Chain Basis Points to $30,000 Bottom Even if ETF Funds and 1.3M BTC Exit
CryptoQuant founder Ki Young Ju said Bitcoin’s on-chain cost basis points to a bottom near $30,000, even if ETF funds and all 1.3 million BTC held by treasury companies were to leave. According to Odaily, ETFs have brought in $58 billion, while treasury companies hold 1.3 million BTC.
A Bitcoin price of $10,000 would imply an MVRV ratio of 0.2, compared with 0.6 at the asset’s historically weakest bottom, Ju said. He added that reaching that level would require buyers from 2019 to panic, despite their having already experienced two declines of 75%.
A Bitcoin price of $10,000 would imply an MVRV ratio of 0.2, compared with 0.6 at the asset’s historically weakest bottom, Ju said. He added that reaching that level would require buyers from 2019 to panic, despite their having already experienced two declines of 75%.