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Ki Young Ju, the founder and CEO of CryptoQuant, posted a Bitcoin data briefing on the X platform, highlighting that the current average cost basis for Bitcoin wallets is around $55,900, with holders enjoying an average profit margin of approximately 93%. On-chain capital inflows remain strong. Additionally, there has been a significant decline in the amount of Bitcoin flowing from spot exchanges into futures exchanges recently, indicating that whales are no longer actively using Bitcoin as collateral to open new long positions as they did before. Despite recent price declines, Bitcoin's leverage ratio remains high.