Bitcoin Selling Pressure Easing Amid Massive Inflows, Says CryptoQuant CEO – Here’s His Outlook

The CEO of CryptoQuant Changes His Stance on Bitcoin

After previously holding a bearish view on Bitcoin (BTC), the CEO of digital assets analytics platform CryptoQuant, Ki Young Ju, has now shifted his perspective.

In a recent announcement on the social media platform X, Ki Young Ju admitted that he was mistaken in declaring that the Bitcoin bull cycle had ended when the price of the cryptocurrency dipped below $80,000 a couple of months ago.

He attributes this change in sentiment to the reduction in selling pressure on BTC, which has been brought about by significant inflows triggered by the introduction of Bitcoin spot exchange-traded funds (ETFs).

Ki Young Ju explains, “The Bitcoin market has evolved from a simple ecosystem dominated by old whales, miners, and retail investors to a more diverse landscape that now includes ETFs, MicroStrategy, institutional investors, and government entities. This shift has disrupted the traditional cycles of profit-taking and sell-offs that were previously driven by whale activity.”

He emphasizes the importance of recognizing the influx of new liquidity from institutional investors and ETFs, stating that it now outweighs the impact of whale sell-offs. This growing acceptance of Bitcoin in mainstream finance is reshaping the market dynamics and blurring the lines between the crypto world and traditional finance.

As of now, Bitcoin is trading at $103,346, indicating a positive trend in its price trajectory.

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