TLDR
- Bitcoin has surged above $100,000, signaling a strong continuation of the ongoing bull run.
- CryptoQuant CEO Ki Young Ju has admitted that his earlier bearish prediction was incorrect.
- He cited consistent institutional inflows through Bitcoin ETFs as the main reason for the market’s structural change.
- Traditional market cycles driven by retail traders and whales no longer define Bitcoin’s price behavior.
- ETF issuers and major firms like Strategy are absorbing sell pressure and supporting price stability.
Bitcoin (BTC) price has surged past the $100,000 mark, reigniting strong momentum in what appears to be a renewed Bitcoin bull run. CryptoQuant CEO Ki Young Ju, who previously forecasted its end, now acknowledges his mistake. He attributes the market’s new behavior to strong institutional inflows, especially through Bitcoin ETFs, which have altered its traditional structure.
Bitcoin Bull Run Gains ETF Backing
Institutional participation has changed how the Bitcoin bull run plays out compared to previous cycles dominated by retail and whales. Ki stated that Bitcoin’s earlier patterns relied on retail liquidity and coordinated exits from whales, which caused sharp declines. But this cycle differs, as ETFs and large buyers now regularly absorb sell-side pressure.
Entities like Strategy and ETF issuers have emerged as consistent buyers, providing a stable capital base during this Bitcoin bull run. This shift has weakened the influence of older cyclical models where market sentiment quickly reversed. Capital no longer exists in the market consistently in bulk, reducing abrupt volatility.
Sustained ETF inflows also mean sell-offs do not trigger widespread panic, as institutional demand remains consistent. Because of this, the Bitcoin bull run now operates under a different liquidity structure. Ki noted that while traditional indicators remain neutral, the foundation has fundamentally changed due to large-scale institutional presence.
On-Chain Models Face Recalibration
CryptoQuant’s models, long relied upon for tracking trends, now struggle to predict price shifts in the current Bitcoin bull run. Ki pointed out the limitations of the Signal 365 MA model, which fails to match present price patterns. Once effective in highlighting market extremes, this model has lost some relevance.
Two months ago, I said the bull cycle was over, but I was wrong. #Bitcoin selling pressure is easing, and massive inflows are coming through ETFs.
In the past, the Bitcoin market was pretty simple. The main players were old whales, miners, and new retail investors, basically… pic.twitter.com/oN4n6vNc0s
— Ki Young Ju (@ki_young_ju) May 9, 2025
Though still valuable, traditional on-chain metrics require updates to reflect Bitcoin’s evolving structure during this bull run. Ju acknowledged this shift and committed to recalibrating CryptoQuant’s tools to better align with current trends. He also mentioned other analysts, like Minolet, who correctly assessed recent momentum shifts.
The Bitcoin bull run has revealed new complexities that old models cannot fully capture without adjustment. Ki now emphasizes adaptability in data interpretation to maintain accuracy. This recalibration signals an analytical pivot for platforms tracking Bitcoin movements.
ETF Flows and Bullish Prediction
Bitcoin ETF products continue to report significant inflows, reinforcing the view that the Bitcoin bull run has regained institutional traction. On Thursday alone, they added $117 million in inflows, following $142 million the previous day. None of the major ETFs recorded outflows during this period.
This consistent buying supports the shift in sentiment Ki referred to, signaling stronger market resilience. Even amid profit-taking, ETF inflows show strong demand, maintaining upward momentum in the BTC bull run. The absence of outflows confirms stability, even as prices move past key resistance.
Meanwhile, long-term forecasts are aligning with this momentum, such as the one by Muneeb Ali predicting Bitcoin could reach $1 million. Ali highlighted a historical pattern of tenfold surges, now supported by structural developments. These projections, backed by growing institutional presence, further support the ongoing Bitcoin bull run.
