The CEO of the analytical company CryptoQuant, Ki Young Ju, admitted that he prematurely declared the end of the Bitcoin bull cycle two months ago. According to him, there is currently a decrease in selling pressure from major players in the market.
This is reported by Бізнес • Медіа
On May 9, 2025, Ki Young Ju noted that despite his previous predictions, the Bitcoin market continues to attract liquidity, particularly through spot ETFs. He explained that previously, market behavior was more predictable, and large players, such as old whales, miners, and retail investors, exchanged assets among themselves. The cycle would end when major participants began to take profits, leading to sell-offs.
Changes in the Bitcoin Market
“Today, however, the situation has changed. New participants have emerged in the market: MicroStrategy, ETFs, institutional funds, and even government entities. This significantly complicates the analysis of market cycles and reduces the role of individual categories of investors,” the expert emphasized.
Furthermore, the analyst highlighted the importance of on-chain analytics, which remains a valuable tool despite changing market conditions. The main indicator now is the volume of new liquidity. According to Ki Young Ju, it is important not only to observe the actions of whales but also to assess the pace of capital inflow from institutional players.
Market Prospects
He also pointed out that the sources of new liquidity and trading volumes are becoming increasingly unpredictable, which is a sign of the Bitcoin market transitioning into a phase of merging with traditional finance. It is worth noting that at the end of April 2025, CryptoQuant recorded the largest outflow of Bitcoins from cryptocurrency exchanges since February 2023.