CryptoQuant CEO: This bull market top may be driven by institutional capital outside the US and Bitcoin ETFs

Odaily News: CryptoQuant CEO Ki Young Ju stated on the X platform that this bull market top may be driven by institutional funds outside the US and ETFs. South Korea currently still lacks a spot Bitcoin ETF, retail investors cannot purchase overseas ETFs, and corporations cannot even open exchange accounts to buy Bitcoin.

So far, this rally has primarily been driven by US market adoption, but the next phase will be a global institutionalization process, with stablecoin liquidity further strengthening and real-world asset channels also developing. More institutions will hold Bitcoin as a strategic asset, and many countries that currently lack ETFs will improve their related investment channels. The top of this rally may emerge when a banker at a regional bank in South Korea recommends a spot Bitcoin ETF for savings to an elderly client.