According to CryptoQuant CEO Ki Young Ju's analysis, the trading volume of Bitcoin spot near $100,000 is highly active, and the current market is in a distribution stage, and the price trend depends on whether new liquidity is exhausted.

He emphasized that the Bitcoin bull market is not over yet, but the market may see a 30% pullback, and if the price falls below $75,000, it will affect his bullish judgment. The key issue is the future source of funds, if there is no new liquidity, Bitcoin may face a longer period of adjustment.