Ki Young Ju Admits Mistake: What’s Really Driving Bitcoin’s Market Shift?

• Ki Young Ju admits he was wrong about Bitcoin’s market direction, acknowledging changes.
• Whale movement has shifted BTC’s stance from simple trading to a more diverse investor group.
• Ju emphasizes new liquidity from ETFs and institutions, making BTC market less predictable.

Ki Young Ju, founder and CEO of CryptoQuant, has confessed that he was mistaken about Bitcoin’s market direction. Just two months back, Ju asserted that the bull cycle for Bitcoin was likely over. However, recent developments, especially the impact of exchange-traded fund (ETF) inflows, have significantly changed the landscape, prompting Ju to revise his outlook. 

Earlier, Bitcoin’s market was dominated by whales, miners, and retail investors. These participants traded Bitcoin back and forth, and the market coincided with liquidity drying up. Further, if whales exited, the prices fell, triggering what Ju described as a game of “musical chairs,” where late participants were left holding losses. 

Rising Institutional Influence

In his X post , Ju argued that the market operates under a different regime. “This cycle is different. It’s not just driven by crypto-native insiders anymore.” Institutional investors, ETFs, and even companies like Strategy play a major role in shaping Bitcoin’s price dynamics. Even government agencies have shown interest. 

Ju believes that attention should be drawn to the fact that new sources of liquidity have come into the market. ETFs and institutional investors are pumping in meaningful capital, which can offset whale sell-offs. This wave of new liquidity has transformed the way in which the market operates, rendering the market less predictable than it was in the past.

Related: Bitcoin Breaks $103K as Wallets Surge and $108K Target Forms

Despite Bitcoin’s recent rally, up over 3333% to $102K , Ju remains cautious. He believes that the market is still adjusting to this new liquidity flow, and a decisive bullish or bearish structure is yet to emerge. While price momentum is positive, Ju contends that market participants haven’t fully committed in either direction. 

Ju also stressed the importance of the on-chain data. Although he admits his earlier prediction was wrong, he reminded his followers that if off-chain data is valuable, then on-chain data is the same, but different analysts can decode it differently. Ju expressed regret over the mistake of a wrong prediction and was committed to giving a more accurate analysis.