CryptoQuant CEO：除非 MSTR 大幅抛售，否则 BTC 不太可能出现类似以往周期 70% 的暴跌

Core Viewpoint - The primary reason for the decline in Bitcoin prices is ongoing selling pressure and a lack of new capital inflow [1] Group 1: Market Dynamics - Early holders are taking profits due to the influence of ETFs and MicroStrategy, leading to a noticeable reduction in capital inflow [1] - MicroStrategy (MSTR) has been a significant driver in the current market cycle, and unless Michael Saylor significantly sells off, a drastic decline similar to previous cycles (70%) is unlikely [1] Group 2: Market Outlook - The market is expected to enter a phase of wide-ranging consolidation, with the bottom not yet clearly defined [1]