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Ki Young Ju, founder & CEO at CryptoQuant, suggests that the peak of the next bull cycle in crypto will likely be driven by institutional money and ETFs operating outside the U.S.
He notes that, in Korea, there is still no spot Bitcoin ETF available, retail investors cannot access foreign ETFs, and companies are unable to open exchange accounts to purchase BTC. According to him, the story of crypto adoption so far has centered on the U.S. market.
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Earlier, Ki Young Ju observed that Bitcoin's rally was being led by futures, with spot demand still negative as open interest increased. More recently, he noted that both spot and perpetual futures demand for Bitcoin turned positive following the October 2025 all-time high. These trends provide context for his comments on the role of institutional inflows and ETF access in driving the next market cycle.