Crypto’s Golden Rule Just Got Broken, According To Analyst

Christian Encila

3 months ago

3 mins read

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Bitcoin’s old four-year rhythm has been upended, according to CryptoQuant CEO Ki Young Ju. He argued on Thursday that the crypto’s cycle is no longer in existence, driven out by big players stepping in.

His latest comments follow a public rethink after he called a market top just a few months ago and got it wrong.

Institutional Buyers Rewrite Rules

Based on reports, Bitcoin Spot ETFs and corporate treasuries are changing the game. In the first half of the year, treasury companies bought twice as much BTC as the ETFs did.

That shows how deep pockets can fill the gap when veteran whales move out. Short sells and panic dumps used to knock prices hard.

Now, a growing pool of steady institutional demand comes in right behind those exits. It’s a shift that could reshape Bitcoin’s usual peaks and valleys.

#Bitcoin cycle theory is dead.

My predictions were based on it—buy when whales accumulate, sell when retail joins. But that pattern no longer holds.

Last cycle, whales sold to retail. This time, old whales sell to new long-term whales. Institutional adoption is bigger than we…

— Ki Young Ju (@ki_young_ju) July 24, 2025

Ki Young Ju first sounded the alarm in March, when Bitcoin hovered around $83,000. At that time, every on-chain metric pointed down.

The bull score hit multi-year lows. BBMC indicators and the MVRV ratio flashed red warnings. Whale liquidations piled up, and many saw a bear market beginning.

Market Indicators Flash Early Warnings

Support levels stood strong after an April retest. Those same bears had to eat their words when Bitcoin bounced back. By May, prices broke past the January high and surged to $112,000.

This month, BTC even hit $123,000 before taking a breather. That quick turnaround forced Young Ju to admit he was wrong—and to thank investors for showing him the mistake.

BTCUSD trading at $116,492 on the 24-hour chart: TradingView

He now says the old cycle theory no longer applies, since institutional players don’t follow the same playbook as retail buyers.

Public companies like MicroStrategy (now Strategy) and other treasury-focused firms have become major holders. They treat Bitcoin as a reserve asset.

ETFs Big Appetite

Meanwhile, spot ETFs keep buying almost daily. That dual demand has built a solid floor under prices and given big whales less sway.

Retail investors may still buy late and sell early. But now their moves are cushioned by far larger, long-term stakes.

Experts See A New Phase

Major voices in crypto echo this view. Michael Saylor has declared that the bear market era is no longer here. JAN3 chief executive officer Samson Mow and Binance CEO CZ even project that this cycle could take Bitcoin all the way to $1 million. Other big names in the industry, like ‘Rich Dad Poo Dad’ author Robert Kiyosaki, believe so as well.

Those bullish calls come from people who back institutional growth over hype-driven swings. They see big money as a stabilizer rather than a speculator.

Featured image from Meta, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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