CryptoQuant’s Ki Young Ju Declares Bitcoin Bull Market Over Amid Liquidity Concerns

Bitcoin’s (BTC) bull market cycle has come to a halt, according to Ki Young Ju, founder of on-chain analytics firm CryptoQuant. Ju predicts a period of bearish or sideways movement lasting 6-12 months, citing a lack of new liquidity entering the market.

In a post on X, Ju highlighted a concerning stagnation in Bitcoin’s realized cap, signaling a slowdown in fresh capital inflows. “BlackRock’s IBIT has recorded three straight weeks of outflows. Even with Bitcoin’s trading volume hitting record highs near $100K, price movement has been minimal. This lack of new liquidity is a strong bearish signal,” he told CoinDesk via Telegram.

A recent CryptoQuant report outlined the potential for Bitcoin to revisit the $63K range, pointing to the MVRV Ratio Z-score, a metric that compares BTC’s market value to its realized value. The indicator’s drop below its 365-day moving average suggests weakening momentum, a pattern historically linked to market downturns.

The report also emphasized the importance of the $75K-$78K support zone. Analysts warn that slowing whale accumulation and continued selling from U.S.-based spot ETFs could intensify downward pressure, increasing the likelihood of further declines.

These concerns align with market observations from LMAX Group’s Joel Kruger and Coinbase Institutional’s David Duong, both of whom have warned that persistent weakness in U.S. equities, global economic uncertainty, and the risk of stagflation could contribute to further bearish sentiment in the crypto market.

Polymarket bettors currently estimate a 51% chance that Bitcoin will close the week in the $81K-$87K range, while 31% see it dropping to $75K before month-end.

Bitcoin has shed 15% in value over the past month, according to CoinDesk Indices, wiping out all gains it had accumulated in the post-election rally.