Key Takeaways
- CryptoQuant CEO Ki Younger Ju says Bitcoin’s cycle concept is now not helpful.
- ETFs and institutional demand at the moment are driving Bitcoin’s value, not whale or miner exercise.
- Technique (previously MicroStrategy) holds 555,450 BTC, displaying long-term institutional conviction.
CryptoQuant CEO Ki Younger Ju says Bitcoin’s long-observed market cycle concept is outdated, citing surging institutional exercise and inflows from U.S.-based spot ETFs.
Admission of previous misjudgment
In a submit on X, Ju admitted he had wrongly referred to as the top of the bull market two months in the past, noting:
Bitcoin promoting strain is easing, and big inflows are coming by way of ETFs… Prior to now, the market was fairly easy… outdated whales, miners, and retail handed the bag to one another.
Two months in the past, I stated the bull cycle was over, however I used to be improper. #Bitcoin promoting strain is easing, and big inflows are coming by way of ETFs.
Prior to now, the Bitcoin market was fairly easy. The principle gamers had been outdated whales, miners, and new retail traders, mainly… pic.twitter.com/oN4n6vNc0s
— Ki Younger Ju (@ki_young_ju) Could 9, 2025
Altering dynamics with institutional gamers
Now, the presence of gamers like MicroStrategy—now generally known as Technique—and rising allocations from conventional finance (TradFi) establishments are altering the sport.
Technique alone holds 555,450 BTC after buying one other 1,895 BTC for $180.3 million.
Declining relevance of conventional indicators
Traditionally, on-chain analysts used miner reserves and whale pockets actions to foretell market tops and bottoms.
However Ki argues these indicators are shedding relevance.
He wrote:
It feels prefer it’s time to throw out that cycle concept… Now, it’s extra necessary to give attention to how a lot new liquidity is coming from establishments and ETFs.
Weaker predictive energy of conventional metrics
Even metrics just like the Sign 365 Transferring Common and CryptoQuant’s Bull-Bear Indicator are displaying weaker predictive energy.
Whereas the Bull-Bear Indicator simply turned weakly bullish for the primary time since February, analysts warning it could now not set off the identical market strikes.
Conclusion on on-chain knowledge
ETF inflows returned in Could, with Bitcoin holding above $100,000.
Ju concluded:
Simply because I used to be improper doesn’t imply on-chain knowledge is ineffective. Knowledge is simply knowledge, and views fluctuate.