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.
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.
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.
"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.
Instead, Bitcoin is entering an era where institutional demand and ETF inflows can override typical selling pressure—even from large holders.
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.
"It's time to retire the outdated market theories," he maintains.
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.
