CryptoQuant founder and CEO Ki Young Ju said the peak of the current bitcoin bull cycle may be driven by institutional capital outside the United States and by ETF demand. He pointed to South Korea, which has no spot bitcoin ETF: retail investors cannot buy overseas-listed spot ETFs, and most companies cannot open trading accounts to buy BTC. South Korea has opened corporate participation in phases, with a Financial Services Commission roadmap covering around 3,500 listed companies and qualified professional investors, though financial institutions and other firms remain excluded. Strategy's bitcoin bank adoption index, covering 25 major institutions involved in trading, custody, digital asset products, financing and corporate participation, stands at 32%. RWA.xyz data showed that as of Aug. 29, tokenized assets globally were valued at $38.63 billion, up 2.65% from 30 days earlier. The Bank for International Settlements said stablecoins could enable faster, programmable payments, but their current design could carry financial integrity, liquidity and currency risks. Ki Young Ju noted that U.S. spot bitcoin ETFs took in roughly $57 billion in their first two years. The next phase, he said, is global institutionalization: more institutions will treat BTC as a strategic asset, and countries without ETFs will improve the investment channels available.
The peak of the current bitcoin bull cycle could be driven by institutional money and ETF demand from outside the United States, according to Ki Young Ju, founder and CEO of CryptoQuant, as reported by Bitcoin.com News. He said deeper stablecoin liquidity and improved tokenized-asset infrastructure will widen global market participation.
What South Korea Shows
Ki Young Ju picked South Korea as an example. The country has no spot bitcoin ETF. Retail investors cannot buy overseas-listed spot ETFs, and most companies cannot open trading accounts to purchase BTC.
Corporate participation is being opened in stages. The Financial Services Commission (FSC) roadmap covers around 3,500 listed companies and qualified professional investors. Financial institutions and other businesses are still excluded.
Adoption Rates and Tokenized Assets
Strategy's bitcoin bank adoption index tracks 25 major institutions across trading, custody, digital asset products, financing and corporate participation. Overall adoption stands at 32%.
RWA.xyz data puts the distributed value of global tokenized assets at $38.63 billion as of Aug. 29, up 2.65% from 30 days earlier.
BIS Warning on Stablecoins
The Bank for International Settlements (BIS) said stablecoins offer the potential for faster and programmable payments. The BIS also warned that current designs could create financial integrity, liquidity and currency risks.
The Post-ETF Phase
U.S. spot bitcoin ETFs recorded roughly $57 billion in cumulative net inflows over their first two years, Ki Young Ju noted. The next phase, he argued, is global institutionalization. More institutions will hold BTC as a strategic asset, and countries without ETFs will improve access to bitcoin investment channels.
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