On May 9th, Ki Young Ju – founder of the on-chain data analysis platform CryptoQuant – stated that his previous assessment about the end of Bitcoin's price cycle was incorrect. Specifically, two months ago, he predicted that Bitcoin's growth momentum had ended. However, the latest on-chain data shows that selling pressure is gradually decreasing, and large-scale capital flows from institutions, especially spot Bitcoin ETF funds, are creating structural changes in the market.
According to Ki Young Ju, the Bitcoin market was previously dominated by long-term "whales", Miners, and small investors. In that context, identifying the peak of the growth cycle was easier, as one could make a judgment by observing large Dump actions from whales. However, the market has now entered a completely new stage with strong participation from ETF funds, MicroStrategy, major financial institutions, and even some government agencies. This makes the old logic – that whales selling means the market has peaked – no longer accurate.
Mr. Ki emphasized that in the new environment, instead of focusing too much on traditional selling pressure signals, analysts and investors should focus on tracking the increasing Capital flows from institutional blocks. These new Capital flows not only support BTC prices but also change how the market operates, thereby opening up a more sustainable growth cycle compared to before.
