CryptoQuant founder Ki Young Ju said Bitcoin’s on-chain cost basis still points to a floor near $30,000, even if all ETF-related inflows and the holdings of corporate Bitcoin treasury firms were to exit the market. He said ETFs have brought in $58 billion in capital, while Bitcoin treasury companies currently hold 1.3 million BTC.
Ju also argued that a drop to $10,000 would imply an MVRV ratio of 0.2, far below Bitcoin’s weakest historical bottom reading of 0.6. In his view, that scenario would require buyers from 2019 to panic sell. He added that those holders have already lived through two separate 75% drawdowns, suggesting such a capitulation would be difficult to trigger under the conditions he described.
According to Odaily, CryptoQuant founder Ki Young Ju said ETFs have brought in $58 billion in capital, while Bitcoin treasury companies hold 1.3 million BTC.
He said Bitcoin’s on-chain cost basis still indicates a floor near $30,000, even if all of that capital and those holdings were to leave the market.
Ju added that a move down to $10,000 would imply an MVRV of 0.2, while the weakest bottom in Bitcoin’s history was 0.6. He said that would require 2019 buyers to panic, but those buyers have already gone through two 75% drawdowns.
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