CryptoQuant首席执行官说，比特币的公牛奔跑还没有结束 - 它正在发展。

在今年早些时候将比特币的公牛跑步命令结束后，CryptoQuant首席执行官Ki Young Ju扭转了路线。

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首席执行官Ki Young Ju扭转了他的早期立场，现在认为，尽管以前呼吁潜在的结局，但比特币的公牛跑步还没有结束。

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.

今年早些时候，JU在比特币（BTC）下降到80,000美元以下时表达了看跌的前景，但他承认自己的观点为时过早，此后的景观从根本上发生了变化。

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.

与以前由鲸鱼，矿工和零售交易者统治的市场周期不同，JU现在看到了新的动态发展。现货ETF，像MicroStrategy这样的公司国库以及传统机构的入口重新定义了流动性如何流入市场。

"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.

“过去，循环顶部很容易被发现 - 将鲸鱼卖给了干燥的零售流动性，一切都像发条一样崩溃。”他补充说，该模型不再适用。

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，比特币进入一个时代，即使是大型持有人，机构需求和ETF流入都可以覆盖典型的销售压力。

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.

市场结构的转变至关重要。过去，市场分析的重点是老年球员卸载BTC或计时主要参与者的时间。但是，JU强调说，现在的注意力现在应该转向追踪来自Tradfi行业进入的新资本的数量和持久性。

"It's time to retire the outdated market theories," he maintains.

他坚持认为：“现在该退休过时的市场理论了。”

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.

比特币曾经是一个独立的计时退出游戏，现在嵌入了更广泛的金融生态系统中，机构资本可以推动持续增长，即使是通过大量抛售也可以推动持续的增长。