CryptoQuant CEO Ki Young Ju believes the market sentiment is positive despite the recent bearish price action. He notes that long-term holders are not selling and that miners are accumulating Bitcoin (BTC). This indicates that investors are confident in the long-term prospects of Bitcoin. Ju also points to the fact that the stablecoin supply ratio is increasing. This means that investors are moving money from stablecoins into Bitcoin. This is a sign of increased demand for Bitcoin. Overall, Ju believes that the current market conditions are positive for Bitcoin. He expects the price to eventually recover.

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