Bitcoin’s Bull Run: Over? 🚀💸 #CryptoMystery

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There’s a quiet hum in the air, like the last breath of a storm before the calm. Bitcoin’s on-chain world is a patchwork of profits, with holders grinning like farmers who’ve just seen their crops ripen-yet the price, that fickle lover, lingers at the edge of the field, refusing to dance. Enter Ki Young Ju, the sage of CryptoQuant, who spins tales of wallets bloated with gains and a network hashrate that’s as stubborn as a mule. But where’s the joy? The euphoria? It’s like a party where everyone’s already left, and the host’s still lighting candles.

Is The Bitcoin Bull Run Over?

“Bitcoin’s average cost basis is $55.9K,” Ju writes, “and holders are up 93%.” A number that glitters, but the price? It’s playing hard to get, like a teenager who’s seen too many movies. Realized cap, that old reliable, is climbing, but it’s not the same as a rocket ship. It’s more like a slow-moving train, chugging along with the weight of the world on its tracks. The question isn’t whether the money’s there-it’s why it’s not shouting.

Why’s the price stuck? Ju says it’s not because demand’s weak-it’s because the sellers are busy. Like a crowd at a concert, everyone’s waiting for the next act, but no one’s stepping forward. The ETFs and corporate treasuries are the new kids on the block, sipping their drinks while the miners and traders sit on their gains, like they’ve got a secret.

“ETFs / Custodial Wallets: $112K (-1%), Binance Traders: $56K (+96%), Miners: $56K (+96%), Long-term Whales: $43K (+155%).” It’s a tale of two worlds: the short-termers teetering on the edge of break-even, while the whales are sipping champagne, oblivious to the chaos below. The price? Still holding its breath, waiting for someone to pull the trigger.

The valuation gap? A tightrope walk. “$1T in onchain inflows has created a $2T market cap.” A number that sounds impressive, but Ju’s warning is clear: “Not frothy, but not exactly a picnic either.” It’s the market’s version of a yawn-neither excited nor bored, just… waiting. And the whales? They’re not in a rush. Their profits are deep, their patience thicker than the dust on a forgotten ledger.

Perpetuals and leverage? A double-edged sword. “Whales aren’t opening new longs as actively as before,” Ju notes, like a farmer who’s seen too many droughts. The leverage is still high, but the spark? It’s dimming. The market’s a juggling act, balancing on the edge of a knife, hoping the next move doesn’t send it tumbling.

Hashrate is climbing, like a mountain climber with no intention of turning back. Miners are expanding, their fleets growing like weeds in a garden. But even the strongest roots can’t force the soil to bloom. The price? Still a mystery, hiding in the shadows of the blockchain.

New Demand Push Needed

The demand side? A quiet whisper. ETFs and strategies are slowing down, their momentum like a car with a flat tire. “If these channels recover, momentum returns,” Ju says, like a prophet with a weathered map. But the market’s a fickle friend, and the path ahead is as uncertain as a desert storm.

The profit ratios? A cautionary tale. “Short-term whales are near break-even, long-term whales are up 53%.” A number that sounds like a win, but Ju’s warning is clear: “We’re not there yet.” The market’s cycle is changing, its rhythm no longer dictated by the old rules. It’s a new game, and the players are still figuring out the rules.

At press time, BTC traded at $107,609. A number that’s neither a victory nor a defeat, just a snapshot of a world that’s still learning to dance.

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2025-11-03 17:12