CryptoQuant CEO: Whales have withdrawn from the futures market; Bitcoin's cycle bottom may be at $56,000.

CoinFeed reported on November 18th that, according to Ki Young Ju, founder and CEO of CryptoQuant, the current BTC futures market is dominated by retail investors, with clear signs of whales leaving the market, and the momentum for spot inflows into futures exchanges has dried up. Meanwhile, the Coinbase premium has fallen to a nine-month low, ETFs have experienced net outflows for three consecutive weeks, and the on-chain PnL indicator has turned short-selling. If cycle theory holds true, the bottom may be...