According to @ki_young_ju, BTC spot holders are in a reasonable long-term accumulation zone and selling or shorting here is a bad idea. Source: X post by @ki_young_ju, Nov 20, 2025. He states the on-chain bull cycle ended when BTC touched around 100K earlier this year, reframing expectations for the next phase. Source: X post by @ki_young_ju, Nov 20, 2025. While classic cycle theory points to a revisit of the realized price near 56K for a cyclical bottom, he doubts that level will be reached because coins held by players like MSTR are effectively off the market. Source: X post by @ki_young_ju, Nov 20, 2025. He further notes governments may inject liquidity until mid-next year for political reasons, meaning sentiment could rebound at any time in favor of spot accumulation. Source: X post by @ki_young_ju, Nov 20, 2025.