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Ki Young Ju, founder & CEO at CryptoQuant, assesses Bitcoin's current position in relation to its historical cycles.
He shares that, from a traditional cycle perspective, Bitcoin does not appear to be close to a bottom yet. Ju highlights that risk and reward tend to improve as the price nears investors’ cost basis and that every major cycle has previously touched the realized price. He adds that if this does not occur in the current cycle, it may indicate market dynamics are shifting.
Earlier this year, Ju highlighted the decline in Bitcoin-to-altcoin rotations as BTC-pair trading volumes slipped from 2021 levels, according to CryptoQuant data. He has also noted that large-scale BTC purchases by institutions have acted as a liquidity sink rather than a price catalyst, urging caution while reserves are rebuilt, as reported in a separate analysis. These observations frame Ju’s ongoing examination of price cycles and market flows.