CryptoQuant: BTC “Bull Run Has Started” – 3x to 5x Cycle Outlook | Ki Young Ju
By Patrick Green
AI summary of the source article
Ki Young Ju, founder of CryptoQuant, shared an outlook projecting a 3x to 5x cycle gain for Bitcoin from its lows, moderating expectations from past 10x moves. Ju explained that the bear market concluded during the summer and noted that volatility has been dampened by institutional ETF and custody flows. On-chain metrics highlighted in the discussion include an influx of fresh capital, the cessation of whale selling, and an institutional ETF cost basis sitting in the low-to-mid $80,000 range. Ju also pointed to realized capitalization reaching nearly $700 billion and highlighted shifts in Coinbase wallet flows.
Why it matters
Institutional ETF adoption and custody wallets are dampening Bitcoin's historic volatility and fundamentally altering traditional on-chain market cycles.
Key facts
- CryptoQuant's Ki Young Ju expects a 3x to 5x Bitcoin cycle move from the lows rather than 10x due to institutional ETF and custody flows.
- The institutional bull-bear line for the Bitcoin ETF cost basis is estimated in the low-to-mid $80,000 range.
- Bitcoin's realized capitalization has reached nearly $700 billion.