According to Ki Young Ju, the founder and CEO of on-chain analytics provider CryptoQuant, Bitcoin liquidity data hints possible all-time-high for the BTC price.
"Stablecoins alone can't provide enough buy-side liquidity for Bitcoin," he wrote on X.
At the moment, BTC-to-stablecoin ratio is 6.05. This means BTC reserves are six times higher than stablecoins, similar to the last Bitcoin price all-time-high.
BTC price struggling to break through
Bitcoin price reached $70,000 on Tuesday and kept climbing that day to a multi-month high of $73,600. As such, it came just $150 away from breaking its March all-time high of $73,740.
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However, it failed to do so while the community anticipated this to occur at any given time and started losing value gradually. The most substantial correction came on Friday morning when it dumped below $69,000, thus losing three grand within hours.
Bulls stepped up during the trading day, and Bitcoin climbed to $71,500 after the weaker-than-expected U.S. jobs report for October. Nevertheless, it failed once again at that point and now sits about two grand lower.
At press time, Bitcoin is traded at $69,610.
BlackRock still bullish
The sell-off follows broader market dynamics, including a net outflow of $54.9 million in Bitcoin spot ETFs on Nov. 1, after a week of net inflows.
However, BlackRock’s IBIT has continued to see strong demand, reaching a record $875 million inflow on Oct. 30, with spot Bitcoin ETFs collectively drawing in $917.2 million in a single day — the largest since March.
Despite this sustained investor interest, Bitcoin’s price fell below $70,000 on Friday.
