[CryptoQuant CEO: Current Bitcoin Weakness Due to Lack of Demand, Cycle Pattern May Have Ended] BlockBeats News, November 3, CryptoQuant CEO Ki Young Ju shared a series of on-chain data regarding Bitcoin and presented the following key analytical points: 1. Unrealized profits of whales are not extremely high. This could indicate one of two scenarios: 'The hype hasn’t arrived yet—we are far from euphoric sentiment.' Or 'This time is different—the market is too large to allow excessively high profit margins.' 2. Bitcoin hash rate continues to hit new highs (approximately 5.96 million ASIC mining machines online). Publicly listed mining companies are expanding rather than downsizing, which is a clear long-term bullish signal. 3. Current demand is primarily driven by ETFs and MicroStrategy, but recent buying activity from these two channels has slowed. If these channels resume growth, market momentum may reappear. 4. Short-term whales (mainly ETFs) over the past six months are near their breakeven point. Long-term whales have realized profits of about 53%. In the past, the market exhibited clear four-year cyclical fluctuations, with accumulation and distribution occurring between retail investors and whales. Now, it is harder to predict where new liquidity will come from and in what scale, making it less likely for Bitcoin to follow the same cyclical pattern again. 5. The average cost of Bitcoin wallets is $55,900, meaning holders are averaging a profit of about 93%. Realized market capitalization continues to rise (up $8 billion this week), indicating strong on-chain capital inflows. The price increase is not due to selling pressure but rather due to weak demand.