CryptoQuant首席執行官說，比特幣的公牛奔跑還沒有結束 - 它正在發展。

在今年早些時候將比特幣的公牛跑步命令結束後，CryptoQuant首席執行官Ki Young Ju扭轉了路線。

CryptoQuant CEO Ki Young Ju has reversed his earlier stance and now believes that Bitcoin's bull run isn't over, despite previously calling for a potential end.

CryptoQuant首席執行官Ki Young Ju扭轉了他的早期立場，現在認為，儘管以前呼籲潛在的結局，但比特幣的公牛跑步還沒有結束。

Earlier this year, Ju had expressed a bearish outlook following Bitcoin's (BTC) dip below $80,000, but he admits that his view was premature and the landscape has since changed fundamentally.

今年早些時候，JU在比特幣（BTC）下降到80,000美元以下時表達了看跌的前景，但他承認自己的觀點為時過早，此後的景觀從根本上發生了變化。

Unlike previous market cycles which were dominated by whales, miners, and retail traders playing a predictable rotation game, Ju now sees a new dynamic unfolding. The entrance of spot ETFs, corporate treasuries like MicroStrategy, and traditional institutions has redefined how liquidity flows through the market.

與以前由鯨魚，礦工和零售交易者統治的市場週期不同，JU現在看到了新的動態發展。現貨ETF，像MicroStrategy這樣的公司國庫以及傳統機構的入口重新定義了流動性如何流入市場。

"In the past, cycle tops were easily spotted—whales sold into drying retail liquidity, and everything crashed like clockwork," Ju noted, adding that this model no longer applies.

“過去，循環頂部很容易被發現 - 將鯨魚賣給了乾燥的零售流動性，一切都像發條一樣崩潰。”他補充說，該模型不再適用。

Instead, Bitcoin is entering an era where institutional demand and ETF inflows can override typical selling pressure—even from large holders.

取而代之的是，比特幣進入一個時代，即使是大型持有人，機構需求和ETF流入都可以覆蓋典型的銷售壓力。

The shift in market structure is crucial. In the past, market analysis focused on old players offloading BTC or timing the exits of major players. However, Ju highlights that the attention should now turn to tracking the volume and persistence of new capital entering from the TradFi sector.

市場結構的轉變至關重要。過去，市場分析的重點是老年球員卸載BTC或計時主要參與者的時間。但是，JU強調說，現在的注意力現在應該轉向追踪來自Tradfi行業進入的新資本的數量和持久性。

"It's time to retire the outdated market theories," he maintains.

他堅持認為：“現在該退休過時的市場理論了。”

Bitcoin, once a self-contained game of timing exits, is now embedded in a broader financial ecosystem where institutional capital can drive sustained growth—even through heavy sell-offs.

比特幣曾經是一個獨立的計時退出遊戲，現在嵌入了更廣泛的金融生態系統中，機構資本可以推動持續增長，即使是通過大量拋售也可以推動持續的增長。