CryptoQuant CEO Ki Young Ju has warned that Bitcoin’s current market cycle may have already peaked, suggesting that traders shouldn’t anticipate a major rally in the next six to twelve months.
According to Ju, multiple on-chain indicators signal a shift toward either a bearish or stagnant trend as liquidity dries up and whales offload their holdings at lower prices.
Ju’s analysis, based on Bitcoin’s Profit and Loss Index, suggests that bullish expectations are unlikely to materialize.
He also applied Principal Component Analysis (PCA) to key on-chain metrics like MVRV, SOPR, and NUPL, using a 365-day moving average to track potential trend reversals.
While some traders acknowledged his insights, others pointed out that his sell signal in 2020 didn’t play out as expected.
Crypto journalist Colin Wu also weighed in on Ju’s perspective, offering his own interpretation of the data.
Public companies ramped up their Bitcoin holdings in early 2025, with total corporate reserves growing by more than 95,000 BTC in the first quarter alone, according to data shared by Bitwise.
Japanese investment company Metaplanet is ramping up its Bitcoin acquisition strategy, making headlines with its latest purchase of over ¥3.7 billion (approximately $26 million USD) worth of BTC.
Bitcoin-linked investment products in the United States are feeling the pressure as tensions between Washington and Beijing weigh heavily on risk markets.
After a brief pause in its Bitcoin acquisition streak, MicroStrategy appears poised to return to the market.