Ki Young Ju, founder and CEO of CryptoQuant, wrote on the X platform that last week, the net inflow of spot Bitcoin ETFs reached 30,000 BTC. Known entities such as exchanges and miners hold about 3 million BTC, of which US entities hold about 1.5 million BTC. At the current rate, a seller liquidity crisis may occur within the next six months. He also stated that the Bitcoin market is in a price discovery phase. Once a seller liquidity crisis occurs, due to limited seller liquidity and weak order books, the next cycle peak of Bitcoin may exceed expectations. This could happen when the total amount of Bitcoin held in accumulation addresses reaches about 3 million BTC.