CryptoQuant founder Ki Young Ju said the top of the current bull market cycle could be driven by institutional capital and exchange-traded funds outside the United States. In a post on Aug. 27, he argued that Bitcoin adoption in the previous phase was led mainly by the U.S., while the next phase may shift toward broader global institutionalization. He pointed to market access limits in South Korea, where a spot Bitcoin ETF has not yet launched, retail investors cannot buy related overseas ETFs, and companies cannot even open exchange accounts to purchase BTC. Ju also said deeper stablecoin liquidity and real-world asset, or RWA, infrastructure are likely to accompany that transition. He added that more institutions may hold BTC as a strategic asset, while countries that have not yet launched ETFs could gradually improve related investment channels. In his view, the cycle top may arrive when a banker at a regional bank in South Korea is recommending a spot Bitcoin ETF to an elderly customer as a savings product.
CryptoQuant founder Ki Young Ju said on Aug. 27 that the top of the current bull market cycle may be driven by institutional capital and ETFs outside the United States.
He said South Korea has not yet launched a spot Bitcoin ETF. Retail investors there cannot buy related overseas ETFs, and companies cannot even open exchange accounts to purchase BTC.
According to Ju, the market was previously driven mainly by Bitcoin adoption in the U.S. The next phase, he said, will shift toward global institutionalization, alongside deeper stablecoin liquidity and real-world asset, or RWA, infrastructure.
He added that more institutions will hold BTC as a strategic asset, while multiple countries that have not yet rolled out ETFs will gradually improve related investment channels.
Ju said the top of this cycle may come when a banker at a local bank in South Korea recommends a spot Bitcoin ETF to an elderly woman and suggests using it for savings.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
