CryptoQuant CEO Apologizes for Erroneous Bitcoin Forecast

CEO of CryptoQuant, Ki Young Ju, has publicly apologized for his erroneous forecast regarding the end of Bitcoin’s bull cycle, which was published two months ago.

Two months ago, I said the bull cycle was over, but I was wrong. #Bitcoin selling pressure is easing, and massive inflows are coming through ETFs.

In the past, the Bitcoin market was pretty simple. The main players were old whales, miners, and new retail investors, basically… pic.twitter.com/oN4n6vNc0s

— Ki Young Ju (@ki_young_ju) May 9, 2025

According to him, the selling pressure on the leading cryptocurrency is decreasing, with significant funds entering the market through exchange-traded funds (ETFs).

Previously, Bitcoin’s dynamics were determined by three groups: miners, whales, and retail investors. When liquidity from new participants dried up and large holders began to take profits, a chain reaction of sell-offs would ensue.

Now, the market structure has become more complex: in addition to traditional players, it includes ETFs, companies like Strategy, institutional investors, and even government entities, Ju noted.

“The old model of cycles no longer works. Now, it is important not to track whale sell-offs but to assess the volume of new capital from institutions and ETFs. This influx can offset even a massive exit by large holders,” stated the CEO of CryptoQuant.

Despite the rise in Bitcoin’s price, the analyst describes the current market as “sluggish.” Most indicators are teetering on the edge, providing no clear signals, he explained.

Ju emphasized that the forecasting error does not mean on-chain metrics have lost their value.

“Data remains data. Different analysts can interpret it in their own way,” the expert added.

He promised to improve the quality of analysis and consider new factors, including the integration of the leading cryptocurrency with traditional finance.

On May 8, Bitcoin’s price returned to levels above $100,000, while Ethereum outperformed other blue chips in terms of dynamics.