NAIROBI (CoinChapter.com)— The Bitcoin (BTC) bull market is not over yet, according to CryptoQuant CEO Ki Young Ju. He cited continued institutional inflows, Bitcoin ETF holdings, and historical market trends as evidence that the cycle remains intact.
Institutional Demand Supports Bitcoin’s Bull Run
NAIROBI (CoinChapter.com)—CryptoQuant CEO Ki Young Ju has dismissed speculation that Bitcoin’s (BTC) bull cycle is nearing its peak. In a post on X, he argued that the buying momentum remains strong, particularly among institutional investors.
Bitcoin ETF inflows in 2025 contrast GBTC stagnation in 2021. Source: Ki Young JuJu pointed to historical trends, noting that Bitcoin’s last major downturn in 2021 occurred two months after GBTC inflows dried up. This time, spot Bitcoin ETFs continue to see robust inflows, reinforcing bullish sentiment.
U.S. Bitcoin Spot ETFs hit $40.18B net inflows. Source: SosoValueData from SosoValue supports this claim. On Jan. 30, Bitcoin ETFs recorded net inflows of $588.22 million, bringing the total since their launch to over $40.18 billion. The total assets held by Bitcoin ETFs reached $123.43 billion, accounting for 5.94% of Bitcoin’s total market cap.
MicroStrategy (MSTR), a key institutional player in Bitcoin accumulation, has also maintained its aggressive buying strategy. As long as ETF inflows and institutional interest remain strong, Ju sees no reason to call a market top.
Bitcoin’s Current Cycle Resembles Past Bull Runs
On-chain data suggests that Bitcoin’s current price action mirrors the 2015–2018 market cycle. According to Glassnode, Bitcoin’s Realized Cap growth and drawdown patterns align with historical trends.
Bitcoin Realized Cap Growth. Credit: GlassnodeBitcoin’s price drawdowns in this cycle have ranged between 10.1% and 23.6%, similar to the corrections seen before past euphoric phases. If history repeats, Bitcoin may still have room to rally before reaching its peak.
Long to Short Term Holder Threshold. Credit: GlassnodeGlassnode also highlighted that long-term holders have started distributing BTC to newer investors, a trend that typically signals strong demand. Since December 2023, about 1.2 million BTC have moved from long-term holders to short-term investors, mirroring distribution patterns seen in 2017 and 2021.
Market Data Suggests Bitcoin Has Yet to Reach Its Peak
CryptoQuant’s latest report refutes speculation that Bitcoin’s bull cycle is nearing its peak. Analyst IT Tech emphasized that key on-chain indicators, including unspent transaction outputs (UTXOs), have not yet reached levels seen in past cycle tops.
Bitcoin HODL waves mirror past bull cycles. Credit: Coinglass
During previous peaks in 2013, 2017, and 2021, a surge in younger UTXOs—Bitcoin held for less than three months—signaled overheated market conditions. While younger UTXOs have increased in 2025, they remain below the 70% threshold historically associated with major market tops.
Could BTC Reach $145,000?
Technical analysts remain optimistic about Bitcoin’s price trajectory. Crypto trader Jelle pointed to a bullish pennant breakout on the charts, suggesting that Bitcoin could rally toward $145,000 if it clears the $110,000 resistance level.
Bitcoin forms bullish pennant, breakout imminent. Source: Jelle/X
“The bullish pennant has a target of roughly $145,000. Broke out, and retested successfully. Daily close above $110,000, and we’re off to the races,” Jelle stated on X.
Additionally, Glassnode’s analysis draws parallels between the current market and the 2015-2018 cycle, where price drawdowns of 10.1% to 23.6% preceded a phase of rapid price acceleration. If this pattern holds, Bitcoin may have more upside potential before reaching a peak.
Despite recent price fluctuations, Bitcoin bull cycle remains intact. Institutional demand, strong ETF inflows, and accumulation by long-term holders support the outlook for further price appreciation. Key indicators suggest Bitcoin has yet to reach the overbought conditions seen in past cycle tops. If buying pressure continues, BTC could break above $110,000, potentially triggering a rally toward new all-time highs.
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