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Pasha
@pasha
Ki Young Ju: Bitcoin Bull Cycle Likely Over Realized Cap (actual capital inflow) grows when BTC moves to wallets without price gains—a bearish sign. Market Cap can rise with minimal capital in bull markets (e.g., MicroStrategy’s debt-fueled buys). Current data shows capital entering but prices stagnant, mirroring past bear cycles. Reversals typically take 6 months, ruling out short-term rallies. On-chain metrics track major flows (ETFs, custody).
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