Ki Young Ju, CEO and founder of Cryptoquant, said on April 5th that “the Bitcoin Rise Cycle (BTC) is over.”
As reported by Cryptonotics, at the time Ju explained that his statement was based on data On-chainespecially in capital letters, it is an indicator that estimates real capital that has entered the market in response to the wallet’s behavior.
This indicator allows you to calculate the average acquisition cost, and multiply the amount of Bitcoin by the investor’s hands to give you a more accurate measure of how effectively you entered the market.
However, Ju changes his mind, saying in a new post of X’s personal account:
At the time, BTC priced at $82,000 in April, and the market lived in an extreme tension. Due to economic turmoil, mutual tariffs have been unlocked It was announced by President Donald Trump.
On April 2, the president applied taxes to products from several countries, including China, Canada, the European Union (EU), and Latin America. A month later, things were different, with the Trump government unveiling a commercial agreement between the Asian giant and the UK.
The market sees these signals as relief for a global tension environment, encouraging risk taking and capital entry into assets such as BTC. In other words, in a stable macroeconomic environment, speculators feel safer to invest in assets that are considered risk, such as actions, BTC, and cryptocurrency.
In this regard, BTC prices have risen. $100,000 psychological barrier.
So, what made Jew change their minds in such a short time? in principle, A much more diverse market.
“In the past, the BTC market was very simple. The main participants were old whales, miners and new retail investors. They essentially passed control over each other. It was relatively easy to withdraw the peak of the cycle when retail liquidity was exhausted and old whales began to withdraw funds. I said.
The market is now even more diverse Purchase of BTC by ETFs, strategies and other companies and government agencies. “Previously, revenue cycles were triggered when whales were charged at peak, lowering the response and prices of large sales chains,” he added.
Ju’s Reflection highlights two things: The first is not blindly chasing others’ opinions, but the importance of analyzing various indicators and thoroughly investigating and understanding the new narratives and trends that are shaping the market.
The second is how the BTC market evolved and changed the rules previously established. By diversifying the profile of currency owners created by Nakamoto at, companies such as ETF tickets or strategies. Whale decisions aren’t the only price movement.
According to data from Bitcoin Treasuries Explorer, there are currently more than 80 companies cited in the open market that keeps BTC financially in order to size what this means.
The strategy is a company with more BTC in the Ministry of Finance, totaling 568,840 BTC. It is followed by Mara Holdings (48,237 BTC) and 21 (31,500 BTC).
For this reason, Ju said:
“It seems it’s time to eliminate cycle theory. New liquidity sources and volumes indicate a transition as the Bitcoin market merges with traditional finances. Now, rather than worrying about traditional whale sales, it’s even more important to focus on the new liquidity coming from institutions and ETFs.”
Ki Young Ju, CEO and founder of Cryptoquant.
The publication will be accompanied by a graphic titled “Signal 365 Ma,” which costs 365 days of Mobile (EMA) Average (EMA) BTC (black line) priced 365 days.
The graph observes how their peaks usually match the historic BTC prices, but their valley marks the market floor.
Currently, in 2025, EMA shows an upward slope, and still suggests that This bull cycle roof has not reached.
Ju continues to think that “the market is slow while absorbing new liquidity,” saying, “Most indicators are at their limits. It seems obviously not bullish or bassist markets at this point. Of course, price action these days is very bullish, but it means a profit cycle.”
Comments convey a cautious attitude. Prices are rising, but the indicators have not yet confirmed a clear trend. This suggests that the market may be in the consolidation stage.
This coincides with the “Signal 365 MA” chart, which shows rebound in 2025, but is far from the level of euphoria of the previous cycle.
Finally, Cryptoquant’s CEO apologised for false predictions and committed to trying to provide high quality analysis. “What I’m wrong is the data On-chain It’s useless,” he concluded.