CryptoQuant founder Ki Young Ju said bitcoin’s current bull cycle could reach its peak as institutional participation deepens and spot bitcoin exchange-traded products expand beyond the United States. He added that growing stablecoin liquidity and the build-out of tokenized asset infrastructure may widen global access to the asset class.
Institutional Demand and Global ETF Expansion
According to Ju, the trajectory of the cycle may hinge on how quickly exchange-traded funds and similar vehicles scale in markets outside the U.S. The launch of U.S. spot bitcoin ETFs in early 2024 drew significant institutional attention, and several jurisdictions already host or permit bitcoin-tracking products, including Canada’s spot ETFs, Europe’s exchange-traded products, Hong Kong’s spot ETFs, and listings in Australia. Wider availability of regulated vehicles can lower operational hurdles for asset managers and retirement platforms, potentially broadening the investor base.
Stablecoin Liquidity and Tokenized Infrastructure
Ju expects deeper stablecoin liquidity to support market participation by improving on- and off-ramps between fiat and digital assets. Stablecoins—tokens designed to maintain a peg to traditional currencies—serve as a key liquidity layer across exchanges and decentralized finance. He also pointed to the continued development of tokenized asset infrastructure, which enables traditional securities and other real-world assets to be issued and settled on blockchain rails. These trends could streamline market access and reduce friction for both retail and institutional investors.
Why It Matters for the Current Cycle
Bitcoin market cycles have historically been influenced by liquidity conditions and access to regulated investment products. If ETF adoption broadens across additional regions and on-chain liquidity continues to grow, the resulting inflows and improved market depth could shape the timing and characteristics of the cycle’s eventual peak, Ju said. At the same time, outcomes will remain sensitive to macroeconomic conditions, regulatory developments, and sustained investor demand.