CryptoQuant’s Ki Young Ju: Bitcoin’s Bull Market Has Ended as Liquidity Dries Up
Bitcoin’s (BTC) latest bull run appears to be over, according to CryptoQuant founder Ki Young Ju, who warns that the market may face 6-12 months of sideways or bearish movement due to declining liquidity.
In a post on X, Ju pointed to a slowdown in capital inflows, emphasizing that fresh liquidity is essential for sustaining upward momentum. “The on-chain realized cap has stalled, signaling no new money entering the market. BlackRock’s IBIT has also recorded three consecutive weeks of outflows,” Ju stated in a Telegram message to CoinDesk. “Even when BTC volume surged near $100K, the price barely moved—this is a bearish signal if new liquidity doesn’t offset the selling pressure.”
A recent CryptoQuant report supports this bearish outlook, suggesting that BTC could revisit the $63K level based on weakening market valuation metrics. The report specifically cited the MVRV Ratio Z-score, a key indicator comparing Bitcoin’s market value to its realized value, which has dipped below its 365-day moving average. Historically, this has signaled market downturns or even the beginning of bear cycles.
Analysts also identified the $75K-$78K support zone as a critical level. With slowing whale accumulation and persistent net selling by U.S.-based spot ETFs, downward pressure is mounting, increasing the likelihood of a deeper correction.
This perspective aligns with insights from LMAX Group’s Joel Kruger and Coinbase Institutional’s David Duong, both of whom recently told CoinDesk that ongoing economic uncertainty and global tensions could intensify bearish sentiment in crypto markets. They also flagged stagflation as a potential risk factor.
Meanwhile, traders on Polymarket currently give a 51% probability that Bitcoin will close the week between $81K and $87K, while 31% believe it could drop to $75K by month’s end.
Bitcoin has declined 15% over the past month, according to CoinDesk Indices, wiping out all gains made post-election.
