CryptoQuant Founder Acknowledges Misjudgment of Market Trends, States Bitcoin Selling Pressure is Easing and Market Structure has Changed

CryptoQuant Founder Ki Young Ju Admits Previous Bitcoin Bull Market Prediction Was Wrong

The founder of the on-chain data analysis platform CryptoQuant, Ki Young Ju, has admitted that his earlier prediction regarding the end of the Bitcoin bull market was incorrect. He pointed out that the market is undergoing a structural shift, and traditional cycle theories may no longer apply. Instead of solely focusing on the sell-offs by whales, greater attention should be paid to the new liquidity brought by institutions and ETFs.

Market Dynamics Changing

On Friday, Ki Young Ju wrote on social media platform X:

He noted that the Bitcoin market was previously simpler, primarily involving old whales, miners, and new retail investors who essentially traded among themselves. When retail liquidity dried up and old whales began to cash out, predicting the cycle’s peak was relatively straightforward, akin to a game of musical chairs, where everyone rushed to exit, leaving those unable to sell trapped.

Diverse Participants Now Present

However, the situation has changed. He pointed out that the Bitcoin market has become more diverse, with ETFs, MicroStrategy, institutional investors, and even government entities considering buying and selling Bitcoin. These new inflows of capital may be substantial enough to offset the sell-offs by whales.

Market Still in Transition

Despite the recent strong performance of Bitcoin prices, Ki Young Ju still feels that the market has not truly reversed. He stated: “The market appears sluggish as it absorbs new liquidity; most indicators are hovering near critical points, and it doesn’t feel like a clear bull or bear market.” He also emphasized that he was discussing a “profit-taking cycle” rather than short-term price fluctuations.

On-Chain Data Still Valuable

Ki Young Ju concluded by stating that although his prediction was wrong, this does not mean that on-chain data is useless. He pointed out that different views can exist among on-chain analysts. When he previously predicted the end of the bull market, many analysts held differing opinions, stating, “Data itself is just data, and interpretations vary.”