比特幣（BTC）公牛週期尚未結束，加密首席執行官ki Young Ju走回去看跌預測

在比特幣價格超過100,000美元之後，CryptoQuant的創始人兼首席執行官Ki Young Ju已退出他的看跌預測。

CryptoQuant founder and CEO Ki Young Ju has walked back his bearish prediction after the Bitcoin price broke out above $100,000. This move has taken the entire market by surprise after calls for lower prices dominated the crypto space for the last few months. However, as sentiment has moved back into the positive, Young has turned bullish, explaining the change in his stance and what is going on with the market right now.

在比特幣價格超過100,000美元之後，CryptoQuant的創始人兼首席執行官Ki Young Ju已退出他的看跌預測。在過去幾個月中，較低的價格統治了加密貨幣空間之後，此舉使整個市場感到驚訝。但是，隨著情緒回到積極的態度，揚（Young）轉向看漲，解釋了他的立場的變化以及現在的市場發生了什麼。

Bitcoin Bull Cycle Is Not Over

比特幣牛週期還沒有結束

In an X post, CEO Ki Young Ju explained how the current market has deviated from the previous cycles. For one, he explains that the market is no longer reliant on old Bitcoin whales, retail investors, and miners to move the market. This used to be the way to know the cycle top, which was when old whales and miners were offloading their bags. However, the market has managed to move on, and the Bitcoin price is now better positioned to absorb large sell-offs without issue.

在X帖子中，首席執行官Ki Young Ju解釋了當前市場如何偏離以前的周期。首先，他解釋說，市場不再依賴舊的比特幣鯨，散戶投資者和礦工來轉移市場。這曾經是了解週期頂部的方式，那是老鯨魚和礦工在卸下書包的時候。但是，市場已經設法繼續前進，現在比特幣價格可以更好地吸收大型拋售而沒有問題。

Young explains that this can be attributed to how diverse the market has become so far. The advent of Spot Bitcoin ETFs, which were approved by the Securities and Exchange Commission (SEC) back in 2024, have opened up new avenues for liquidity. Now, it is not only new retail investors playing the field, but also institutional investors who have been given an avenue to enter the market, and with much larger pockets.

Young解釋說，這可以歸因於市場到目前為止的多樣化。在2024年獲得證券交易委員會（SEC）批准的現貨比特幣ETF的出現，已經為流動性開闢了新的途徑。現在，這不僅是新的零售投資者在播放該領域，而且還獲得了進入市場途徑的機構投資者，而且口袋更大。

This new and substantial flow of liquidity has made it so that even sell-offs from large whales are no longer impacting the Bitcoin price the way they used to. Thus, the CEO believes that it is time to actually shift focus from the old to the new.

這種新的多大流動性使之成為現實，即使是大鯨魚的拋售也不再影響以前的方式。因此，首席執行官認為現在是時候將重點從舊轉移到新的時候了。

Given this change in the tide, the CryptoQuant CEO stated that it might be time to throw out the cycle theory. This is because of the changes in liquidity flow, as sources have become more uncertain. “Now, instead of worrying about old whales selling, it’s more important to focus on how much new liquidity is coming from institutions and ETFs since this new influx can outweigh even strong whale sell-offs,” Young explained.

鑑於潮汐的這種變化，加密首席執行官表示可能是時候拋出週期理論了。這是因為流動性流量的變化，因為來源變得更加不確定。 Young解釋說：“現在，不用擔心舊鯨魚的銷售，而是關注來自機構和ETF的新流動性的重要性更重要，因為這種新的湧入甚至可以超過強烈的鯨魚拋售。”

Nevertheless, he still posits that the current market isn’t flashing a clear bearish or bullish pattern when it comes to the profit-taking cycle. As he explains, the market is still sluggish around absorbing all of the new liquidity coming from the different sources and indicators are still “hanging around the borderline.”

儘管如此，他仍然認為當前的市場在獲利週期中並沒有閃爍清晰的看跌或看跌模式。正如他所解釋的那樣，市場仍然圍繞吸收來自不同來源和指標的所有新流動性仍在“懸而未決”。

As for the Bitcoin price, it continues to show strength after crossing $100,000, as bulls eye new all-time highs above $109,000. Investor profitability has also skyrocket and a whopping 99% of all Bitcoin holders are now sitting in profit, according to data from IntoTheBlock.

至於比特幣的價格，越過100,000美元後，它繼續顯示出實力，因為Bulls Eye New Ther Time Highs超過109,000美元。根據Intotheblock的數據，投資者的盈利能力也飆升，所有比特幣持有人中有99％的利潤持有人。