CryptoQuant CEO Ki Young Ju has dropped a bombshell: Bitcoin's latest bull run is dead. After hitting a peak of $109,241 in early 2025, the crypto king's reign appears to be ending. On-chain metrics paint a grim picture, with diminishing liquidity and new whales dumping their holdings. Market sentiment has shifted dramatically, and funding rates have flatlined near zero. Recent DeFi breaches haven't helped either. The full story behind this market shift might surprise you.
Uncertainty has gripped the crypto markets once again. After Bitcoin's impressive surge to $109,241 in early 2025, the party appears to be over – at least according to CryptoQuant CEO Ki Young Ju. The outspoken executive dropped a bombshell on the crypto community, declaring the bull cycle officially dead. And this time, he's got the receipts to prove it.
The writing was on the wall. On-chain metrics have turned decisively bearish, with liquidity drying up faster than a puddle in the Sahara. New whales – those big-money players everyone loves to track – are dumping their holdings at lower prices. Projections suggest sideways price action could persist for 6-12 months. Rising interest rate pressures have pushed many investors toward traditional investment vehicles, further dampening crypto enthusiasm.
Even Bitcoin funding rates have flatlined near zero, suggesting traders are about as decisive as a cat at an open door. Recent DeFi platform breaches have shaken investor confidence even further.
When Bitcoin's funding rates hit zero, it's like watching traders play an endless game of crypto chicken.
It's quite the plot twist, really. Just months ago, Bitcoin's fundamentals looked rock solid. Institutional adoption was growing, ETFs were finally getting the green light, and the market was riding high on optimism.
But markets, like moods, change. The global economic landscape isn't helping either. Central banks' hawkish stance on interest rates has been about as friendly to crypto as a fork is to soup.
Ki Young Ju's announcement wasn't just some random prediction pulled from thin air. His team's analysis of PnL Index Cyclical Signals, including MVRV and SOPR, points to a classic market top.
The firm even sent early warnings to their subscribers – because nothing says "I care" like giving paying customers a head start on bad news.
Historical patterns suggest we shouldn't be too surprised. Crypto markets are cyclic beasts, driven by halvings, adoption waves, and regulatory shifts. The recent bull run followed a familiar script: massive price increases followed by sharp corrections.
Some analysts remain optimistic, pointing to increasing global money supply as a potential catalyst for future rallies. But for now, it seems the bulls have left the building, leaving investors to navigate what could be a lengthy bearish or sideways market.
