CryptoQuant CEO Explains What Could Be Next For Bitcoin
In a candid update on X, Ki Young Ju, Founder and CEO of on-chain analytics platform CryptoQuant, admitted his earlier call that the Bitcoin bull cycle had ended was premature.
In a detailed thread, Ju explained how the market has shifted dramatically in recent months, rendering previous cycle theories less predictive.
ETF Inflows Signal New Phase for Bitcoin
Ju acknowledged that massive inflows through Bitcoin ETFs have begun reshaping the crypto market structure. This institutional liquidity, he said, is now beginning to outweigh traditional selling pressures from long-time Bitcoin holders such as whales and miners.
“Bitcoin selling pressure is easing, and massive inflows are coming through ETFs,” Ju stated. “Two months ago, I said the bull cycle was over, but I was wrong.”
Ju compared the old Bitcoin market to a game of “musical chairs” where whales, miners, and retail investors rotated liquidity until one group failed to exit in time. These cycles were once fairly predictable—when whales cashed out at the top, sell-offs cascaded, dragging prices down.
However, the CEO now believes this model is increasingly obsolete due to a broader range of market participants.
“The market has become much more diverse… ETFs, MicroStrategy, institutional investors, and even government agencies are now players.”
New Metrics Matter More
Rather than focusing solely on traditional on-chain indicators like whale movements or miner behavior, Ju emphasized the importance of tracking institutional liquidity, particularly ETF flows.
“It’s time to throw out that cycle theory,” he said. “Now, it’s more important to focus on how much new liquidity is coming from institutions and ETFs.”
Despite the bullish price trend in recent weeks, Ju cautioned that the broader market still feels uncertain and in transition.
“Most indicators are hanging around the borderline. It doesn’t feel like a clear bullish or bearish market right now,” he said, framing this moment as a profit-taking stalemate rather than a euphoric breakout.
Ju concluded his thread with a rare public apology:
“Just because I was wrong doesn’t mean on-chain data is useless… I will strive to provide higher-quality analyses in the future.”
Analysts React
Ju’s acknowledgment has sparked discussion within the crypto analyst community, with some praising the transparency and others highlighting how market complexity demands continuous model adaptation.
As the institutional presence grows and ETF influence deepens, market observers appear to agree on one thing: the Bitcoin of today isn’t the Bitcoin of yesterday.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
