PANews May 9 news, CryptoQuant founder and CEO Ki Young Ju stated that although he predicted the end of the Bitcoin bull market cycle two months ago, this judgment now appears to be incorrect. He pointed out that the selling pressure in the Bitcoin market is easing, while the significant inflow of ETFs and institutional funds is changing the market landscape.
He mentioned that in the past, the Bitcoin market was mainly dominated by established whales, miners, and retail investors, making market fluctuations easier to predict. However, with the addition of ETFs, institutional investors, and government agencies, the influx of new funds has made the market more complex and harder to predict. Previous profit cycles were usually triggered by whales cashing out at peaks, but now the liquidity from institutions and ETFs may offset the selling pressure from whales.
Ki Young Ju believes that the market is still absorbing new liquidity and has not shown clear signals of a bull or bear market. He emphasized that on-chain data remains important, but the analytical perspective may vary from person to person.