比特币（BTC）公牛周期尚未结束，加密首席执行官ki Young Ju走回去看跌预测

在比特币价格超过100,000美元之后，CryptoQuant的创始人兼首席执行官Ki Young Ju已退出他的看跌预测。

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.

在比特币价格超过100,000美元之后，CryptoQuant的创始人兼首席执行官Ki Young Ju已退出他的看跌预测。在过去几个月中，较低的价格统治了加密货币空间之后，此举使整个市场感到惊讶。但是，随着情绪回到积极的态度，扬（Young）转向看涨，解释了他的立场的变化以及现在的市场发生了什么。

Bitcoin Bull Cycle Is Not Over

比特币牛周期还没有结束

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，首席执行官Ki Young Ju解释了当前市场如何偏离以前的周期。首先，他解释说，市场不再依赖旧的比特币鲸，散户投资者和矿工来转移市场。这曾经是了解周期顶部的方式，那是老鲸鱼和矿工在卸下书包的时候。但是，市场已经设法继续前进，现在比特币价格可以更好地吸收大型抛售而没有问题。

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解释说，这可以归因于市场到目前为止的多样化。在2024年获得证券交易委员会（SEC）批准的现货比特币ETF的出现，已经为流动性开辟了新的途径。现在，这不仅是新的零售投资者在播放该领域，而且还获得了进入市场途径的机构投资者，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.

这种新的多大流动性使之成为现实，即使是大鲸鱼的抛售也不再影响以前的方式。因此，首席执行官认为现在是时候将重点从旧转移到新的时候了。

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.

鉴于潮汐的这种变化，加密首席执行官表示可能是时候抛出周期理论了。这是因为流动性流量的变化，因为来源变得更加不确定。 Young解释说：“现在，不用担心旧鲸鱼的销售，而是关注来自机构和ETF的新流动性的重要性更重要，因为这种新的涌入甚至可以超过强烈的鲸鱼抛售。”

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.”

尽管如此，他仍然认为当前的市场在获利周期中并没有闪烁清晰的看跌或看跌模式。正如他所解释的那样，市场仍然围绕吸收来自不同来源和指标的所有新流动性仍在“悬而未决”。

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.

至于比特币的价格，越过100,000美元后，它继续显示出实力，因为Bulls Eye New Ther Time Highs超过109,000美元。根据Intotheblock的数据，投资者的盈利能力也飙升，所有比特币持有人中有99％的利润持有人。