PANews reported on November 18th that, according to an analysis by Ki Young Ju, founder and CEO of CryptoQuant, the current BTC futures market is dominated by retail investors, with clear signs of whales leaving the market, and the momentum for spot inflows into futures exchanges has dried up. At the same time, the Coinbase premium has fallen to a nine-month low, ETFs have seen net outflows for three consecutive weeks, and the on-chain PnL indicator has turned to shorting. If the cycle theory holds true, the bottom may be around $56,000. He predicts that in the short term, tight dollar liquidity and slowing capital flows will continue to suppress BTC performance, but a sustained outflow is unlikely in the next six months. If interest rate cuts or a renewed easing narrative are implemented, ETFs may attract capital back in. Furthermore, the adoption of stablecoins and the wave of reverse ICOs initiated by listed companies will encourage traditional assets to be on-chain, with Bitcoin being the biggest beneficiary, while altcoins lacking a compelling narrative or fundamentals will lose market attention and liquidity.PANews reported on November 18th that, according to an analysis by Ki Young Ju, founder and CEO of CryptoQuant, the current BTC futures market is dominated by retail investors, with clear signs of whales leaving the market, and the momentum for spot inflows into futures exchanges has dried up. At the same time, the Coinbase premium has fallen to a nine-month low, ETFs have seen net outflows for three consecutive weeks, and the on-chain PnL indicator has turned to shorting. If the cycle theory holds true, the bottom may be around $56,000. He predicts that in the short term, tight dollar liquidity and slowing capital flows will continue to suppress BTC performance, but a sustained outflow is unlikely in the next six months. If interest rate cuts or a renewed easing narrative are implemented, ETFs may attract capital back in. Furthermore, the adoption of stablecoins and the wave of reverse ICOs initiated by listed companies will encourage traditional assets to be on-chain, with Bitcoin being the biggest beneficiary, while altcoins lacking a compelling narrative or fundamentals will lose market attention and liquidity.