CryptoQuant CEO: The bottom of this cycle will be around $56,000.

According to Mars Finance, on November 18th, Ki Young Ju, founder and CEO of CryptoQuant, stated that the average order size in the BTC futures market indicates that whale have exited the market, and retail investors are currently the dominant force. The growth of BTC's on-chain realized market capitalization has stagnated for three consecutive days, with the total market capitalization growing slower than the realized market capitalization, indicating strong selling pressure. The PnL index turned bearish on November 8th, suggesting that whales are taking profits on a large scale. If cycle theory holds true, the bottom of this cycle will be around $56,000.