Ju Ki-young: "My Bearish Diagnosis Two Months Ago Was Wrong… ETF Inflows Offset Selling Pressure"

Ju Ki-young, CEO of CryptoQuant, has retracted his previous bearish outlook on the Bitcoin (BTC) market, stating that large-scale capital inflows through ETFs are changing the market trend.

On the 9th, Ju stated on his X (formerly Twitter), "I said two months ago that the bull market was over, but that judgment was wrong," adding, "The selling pressure on Bitcoin is easing, and large-scale capital is flowing in through exchange-traded funds (ETFs)."

He explained, "In the past, the Bitcoin market was a simple liquidity cycle among miners, whales, and new individual investors," adding, "At that time, when individual funds were exhausted, whales would cash out, and simultaneously, market peaks were easily formed. It was like a game of musical chairs where everyone tried to escape at once. Those who failed to escape got caught."

In contrast, he sees the current market as much more complex. He analyzed, "Now is the era where ETFs, MicroStrategy, institutional investors, and even government agencies are buying and selling Bitcoin," adding, "Rather than the past chain reaction of whale sell-offs, the funds flowing in from institutions and ETFs are changing the structure to one that can overwhelm whale sell-offs."

Ju emphasized, "The current market is still in a stage of absorbing new liquidity," adding, "Most indicators remain on the borderline, and it is neither a clear bull nor bear market. The recent price trend is very bullish, but what I want to talk about is the change in the 'profit-taking cycle.'"

He stated, "Just because my prediction was wrong doesn't mean on-chain data itself is meaningless," adding, "There were analysts like Minolet who had different opinions from mine at the time. Data is just data, and interpretations can vary." He continued, "I apologize for the wrong prediction and will provide more sophisticated analysis in the future."