CryptoQuant创始人兼首席执行官Ki Young Ju承认，他对比特币的市场方向误解了

CryptoQuant的创始人兼首席执行官Ki Young Ju承认他对比特币的市场方向有误解。仅两个月前，JU断言比特币的公牛循环可能已经结束。

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的创始人兼首席执行官Ki Young Ju承认他对比特币的市场方向有误解。就在两个月前，JU断言比特币的公牛周期可能已经结束。但是，最近的事态发展，尤其是交换基金（ETF）流入的影响，已大大改变了景观，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.

早些时候，比特币的市场由鲸鱼，矿工和散户投资者主导。这些参与者来回交易了比特币，市场与流动性枯竭相吻合。此外，如果鲸鱼退出，价格下跌，触发了JU所说的“音乐椅”游戏，在那里，晚期参与者持有损失。

Rising Institutional Influence

制度的影响不断上升

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帖子中辩称，市场在不同的政权下运作。 “这个周期是不同的。它不仅是由加密本土内部人员驱动的。”机构投资者，ETF甚至像战略这样的公司在塑造比特币的价格动态方面都起着重要作用。甚至政府机构也表现出了兴趣。

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认为，应注意以下事实：新的流动性来源已经进入了市场。 ETF和机构投资者正在涌入有意义的资本，这可以抵消鲸鱼的抛售。新的流动性浪潮改变了市场运营的方式，使市场的预测性差于过去。

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.

尽管比特币最近举行了集会，但超过3333％至$ 102K，JU仍然谨慎。他认为，市场仍在适应这种新的流动性流，而决定性的看涨或看跌结构尚未出现。虽然价格动力是积极的，但JU认为市场参与者尚未完全朝任何方向迈进。

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还强调了链链数据的重要性。尽管他承认自己的早期预测是错误的，但他提醒他的追随者，如果链链数据有价值，那么链数据是相同的，但是不同的分析师可以以不同的方式解码。 Ju对错误预测的错误表示遗憾，并致力于进行更准确的分析。