CryptoQuant CEO Ki Young Ju has provided insights into Bitcoin’s market dynamics, examining recent on-chain data trends. According to his analysis, the unrealized profits of large Bitcoin holders remain relatively modest, suggesting either that market enthusiasm hasn’t yet peaked or that the market’s current scale limits potential profit margins. 5.96 million ASIC miners are currently active, contributing to a steadily rising hash rate, indicating a robust long-term bullish trend. The primary drivers of demand currently include ETFs and MicroStrategy, though recent buying activity from these sources has slowed. However, the potential for their growth could revive market momentum. Over the past six months, short-term Bitcoin whales (mainly ETFs) have been near break-even points, while long-term whales have realized profits around 53%. Historically, Bitcoin exhibits cyclical patterns of four years with accumulation and distribution between retail and institutional investors. However, predicting future liquidity inflows is more challenging, making it unlikely for Bitcoin to follow the same cycle again.