CryptoQuant Founder Ki Young Ju Admits Error: Bull Market Not Over
CryptoQuant founder Ki Young Ju stated yesterday (May 9) that his judgment two months ago, believing that the bull market cycle had ended, was incorrect. He pointed out that the selling pressure on Bitcoin is easing, exchange-traded funds (ETFs) are experiencing significant inflows, and the market structure has fundamentally changed.
(Background: Bitcoin’s market capitalization has returned to 2 trillion dollars, surpassing e-commerce giant Amazon to become the fifth largest asset globally.)
(Context: Bitcoin surged to 104,000 amid the US-UK tariff agreement and Trump’s goodwill gesture towards China, with all four major US stock indices rising.)
Recently, the cryptocurrency market has rebounded, with Bitcoin (BTC) strongly breaking through the 100,000 dollar mark, currently reported at 102,795 dollars, reaching a new high since February of this year, with a nearly 33.7% increase in the past month, prompting investors to proclaim, “The bull market is back.”
CryptoQuant Founder Admits Error: Bull Market Not Over
In light of this context, CryptoQuant founder Ki Young Ju also posted on social media platform X yesterday (May 9), admitting that his judgment two months ago, believing that the bull market cycle had ended, was incorrect. He pointed out that Bitcoin’s selling pressure is easing, ETFs are experiencing significant inflows, and the market structure has fundamentally changed.
Ki Young Ju emphasized that the current Bitcoin market has become more diversified, with participants including ETFs, MicroStrategy (MSTR), institutional investors, and even government agencies. In the past, when established whales cashed out at price peaks, it would trigger a profit-taking cycle, leading to chain selling pressure and causing prices to drop. However, he believes that this traditional cycle theory is no longer applicable, as new sources of liquidity and uncertainty in trading volumes indicate that the Bitcoin market is merging with traditional finance (TradFi). He wrote in a tweet:
Two months ago, I said the bull cycle was over, but I was wrong. Bitcoin’s selling pressure is easing, and massive inflows are coming through ETFs. In the past, the Bitcoin market was pretty simple. The main players were old whales, miners, and new retail investors, basically…
But now, the Bitcoin market has become more diversified. ETFs, MicroStrategy (MSTR), institutional investors, and even government agencies are considering buying and selling Bitcoin. In the past, when whales cashed out at the top, it would trigger a profit-taking cycle, leading to chain selling pressure and causing prices to drop.
However, now it feels necessary to abandon this cycle theory. New sources of liquidity and trading volumes have become more uncertain, indicating that the Bitcoin market is merging with traditional finance (TradFi).
Now, rather than worrying about old whales selling, it is more important to focus on how much new liquidity is being brought in by institutions and ETFs, as this new influx of funds could even counteract strong whale selling pressure.
Honestly, I still feel that the market seems a bit fatigued during the process of absorbing new liquidity. Most indicators are near the borderline, and it currently feels like neither a clear bull market nor a bear market. Of course, the recent price trend is extremely bullish, but I am referring to the profit-taking cycle.
Two months ago, I said the bull cycle was over, but I was wrong.#Bitcoinselling pressure is easing, and massive inflows are coming through ETFs.
In the past, the Bitcoin market was pretty simple. The main players were old whales, miners, and new retail investors, basically…
— Ki Young Ju (@ki_young_ju) May 9, 2025
Standard Chartered: $120,000 Target “Very Achievable,” Possibly Too Conservative
Additionally, according to Cointelegraph, Standard Chartered’s Head of Digital Asset Research, Geoffrey Kendrick, stated that his previous prediction of “Bitcoin’s price reaching $120,000” now seems “very achievable,” and may even be “too conservative.” He noted that the dominant narrative surrounding Bitcoin has shifted: from initially being associated with risk assets to now becoming a tool for asset allocation, focusing on capital flows.
He further mentioned that over the past three weeks, US spot Bitcoin ETFs have attracted $5.3 billion in inflows, indicating that institutional capital is accelerating into the market. Several large investors are allocating portions of their assets to Bitcoin, including: Strategy Corporation continuing to significantly increase its Bitcoin holdings; the Abu Dhabi sovereign wealth fund holding BlackRock’s IBIT; and the Swiss National Bank purchasing shares of Strategy, which is seen as an “indirect representative asset” for Bitcoin.
However, it is worth noting that despite the optimistic market sentiment, Antoni Trenchev, co-founder of cryptocurrency exchange Nexo, cautioned that Bitcoin must break through this year’s peak of $109,350 in January to truly establish a new bull market. Over the next two months, Bitcoin could fluctuate between $70,000 and $109,000.
Additionally, Leah Wald, CEO of SOL Strategies, warned that Bitcoin remains a high-volatility risk asset and has not fully decoupled from traditional market influences, suggesting that market sentiment could amplify its price fluctuations:
Bitcoin’s trading behavior increasingly resembles that of US tech stocks, indicating a strengthening correlation with traditional financial markets.
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