CryptoQuant創始人兼首席執行官Ki Young Ju承認，他對比特幣的市場方向誤解了

CryptoQuant的創始人兼首席執行官Ki Young Ju承認他對比特幣的市場方向有誤解。僅兩個月前，JU斷言比特幣的公牛循環可能已經結束。

Ki Young Ju, founder and CEO of CryptoQuant, has confessed that he was mistaken about Bitcoin's market direction. Just two months ago, Ju asserted that the bull cycle for Bitcoin was likely over. However, recent developments, especially the impact of exchange-traded fund (ETF) inflows, have significantly changed the landscape, prompting Ju to revise his outlook.

CryptoQuant的創始人兼首席執行官Ki Young Ju承認他對比特幣的市場方向有誤解。就在兩個月前，JU斷言比特幣的公牛週期可能已經結束。但是，最近的事態發展，尤其是交換基金（ETF）流入的影響，已大大改變了景觀，促使JU修改了他的看法。

Earlier, Bitcoin's market was dominated by whales, miners, and retail investors. These participants traded Bitcoin back and forth, and the market coincided with liquidity drying up. Further, if whales exited, the prices fell, triggering what Ju described as a game of “musical chairs,” where late participants were left holding losses.

早些時候，比特幣的市場由鯨魚，礦工和散戶投資者主導。這些參與者來回交易了比特幣，市場與流動性枯竭相吻合。此外，如果鯨魚退出，價格下跌，觸發了JU所說的“音樂椅”遊戲，在那裡，晚期參與者持有損失。

Rising Institutional Influence

制度的影響不斷上升

In his X post, Ju argued that the market operates under a different regime. “This cycle is different. It’s not just driven by crypto-native insiders anymore.” Institutional investors, ETFs, and even companies like Strategy play a major role in shaping Bitcoin's price dynamics. Even government agencies have shown interest.

朱在他的X帖子中辯稱，市場在不同的政權下運作。 “這個週期是不同的。它不僅是由加密本土內部人員驅動的。”機構投資者，ETF甚至像戰略這樣的公司在塑造比特幣的價格動態方面都起著重要作用。甚至政府機構也表現出了興趣。

Ju believes that attention should be drawn to the fact that new sources of liquidity have come into the market. ETFs and institutional investors are pumping in meaningful capital, which can offset whale sell-offs. This wave of new liquidity has transformed the way in which the market operates, rendering the market less predictable than it was in the past.Related: Bitcoin Breaks $103K as Wallets Surge and $108K Target Forms

JU認為，應注意以下事實：新的流動性來源已經進入了市場。 ETF和機構投資者正在湧入有意義的資本，這可以抵消鯨魚的拋售。新的流動性浪潮改變了市場運營的方式，使市場的預測性差於過去。

Despite Bitcoin's recent rally, up over 3333% to $102K, Ju remains cautious. He believes that the market is still adjusting to this new liquidity flow, and a decisive bullish or bearish structure is yet to emerge. While price momentum is positive, Ju contends that market participants haven't fully committed in either direction.

儘管比特幣最近舉行了集會，但超過3333％至$ 102K，JU仍然謹慎。他認為，市場仍在適應這種新的流動性流，而決定性的看漲或看跌結構尚未出現。雖然價格動力是積極的，但JU認為市場參與者尚未完全朝任何方向邁進。

Ju also stressed the importance of the on-chain data. Although he admits his earlier prediction was wrong, he reminded his followers that if off-chain data is valuable, then on-chain data is the same, but different analysts can decode it differently. Ju expressed regret over the mistake of a wrong prediction and was committed to giving a more accurate analysis.

JU還強調了鍊鍊數據的重要性。儘管他承認自己的早期預測是錯誤的，但他提醒他的追隨者，如果鍊鍊數據有價值，那麼鏈數據是相同的，但是不同的分析師可以以不同的方式解碼。 Ju對錯誤預測的錯誤表示遺憾，並致力於進行更準確的分析。