Bitcoin’s Bull Run Comes to a Close, Says CryptoQuant CEO Ki Young Ju

Bitcoin Bull Market Fades as Liquidity Crisis Looms, Says CryptoQuant’s Ki Young Ju

The Bitcoin (BTC) bull market may have come to an end, warns CryptoQuant founder Ki Young Ju, who expects a prolonged period of weak or sideways price action due to declining market liquidity.

Ju took to X to highlight concerns over slowing capital inflows, emphasizing that Bitcoin’s price growth has stalled without fresh liquidity. “The on-chain realized cap is flat, signaling no new money entering the market. BlackRock’s IBIT has now seen outflows for three consecutive weeks,” Ju told CoinDesk in a Telegram message. “Despite Bitcoin’s record trading volume near $100K, its price barely moved. Without renewed liquidity to counter selling pressure, this is a bearish sign.”

A CryptoQuant report echoed these concerns, warning that BTC could revisit $63K based on weakening market indicators. One key metric, the MVRV Ratio Z-score—which assesses Bitcoin’s market value relative to its realized value—has dipped below its 365-day moving average, historically a sign of deeper corrections or the start of bear markets.

Analysts identified the $75K-$78K support zone as crucial, warning that weakening demand—evidenced by slowing whale accumulation and consistent net selling from U.S.-based spot ETFs—could accelerate a price decline.

This aligns with views from LMAX Group’s Joel Kruger and Coinbase Institutional’s David Duong, who recently noted that worsening macroeconomic conditions and geopolitical tensions could add to Bitcoin’s bearish pressure. They also pointed to stagflation risks as a potential headwind for crypto markets.

According to Polymarket data, traders currently see a 51% probability of Bitcoin finishing the week between $81K and $87K, while 31% expect a drop to $75K before the end of the month.

Over the past month, Bitcoin has lost 15% of its value, according to CoinDesk Indices, erasing all gains made in the aftermath of the U.S. presidential election.