CryptoQuant founder and CEO Ki Young Ju stated on the X platform that the market weakness exceeds expectations, and if it continues, Bitcoin may find it difficult to see a strong rebound in the next 3-6 months. He believes that a real bull market can only start after liquidity recovers next year.

Ki Young Ju also cited macroeconomic expert @LukeGromen's view that foreign demand for U.S. Treasury bonds is weak, and without new liquidity injections, the U.S. Treasury market may become unstable. After liquidity recovers next year, the prices of scarce assets such as gold and Bitcoin are expected to rise.