Ki Young Ju: Bitcoin 'Bull Run Has Started' with 3x to 5x cycle outlook

Will Bitcoin's next rally be a 10x or a more moderate 3 to 5x? CryptoQuant founder Ki Young Ju forecasts a three-to-five times increase from the cycle lows rather than a tenfold one, attributing the lower multiple to decreased volatility from institutional ETF and custody flows. He further discusses his conviction that the bear market ended this summer and interprets the latest on-chain data.

Chapters:

• 0:00 – Fresh capital and no whale selling: on-chain data overview
• 1:44 – Bear market over: outlook for 3x to 5x, not 10x
• 3:19 – PNL Index and ETFs as liquidity channels this cycle
• 5:39 – ETF cost basis in low-to-mid $80Ks as institutional bull-bear line
• 6:18 – How institutions reshaped on-chain analysis: custodial and accumulation wallets
• 9:18 – Nearly $700B realized cap, with trillions expected next cycle
• 10:36 – Identifying buyers through Coinbase wallet flows
• 13:35 – Top signals based on behavior, not price levels
• 15:22 – Is the four-year cycle invalidated?
• 16:31 – Miner costs and their price implications

The statements made in this program reflect the speakers' own views and are not necessarily aligned with the positions of BTC Inc., Bitcoin Magazine, or their affiliates. This material is meant for informational and educational use and is not investment, legal, tax, or accounting advice. No part of this show should be interpreted as a solicitation, recommendation, endorsement, or offer to buy or sell any security or financial product. Individuals are advised to seek independent professional guidance before taking any financial or business action.