Bitcoin Bear Market Over, New Bullish Cycle Emerging, Says CryptoQuant CEO

CryptoQuant founder and CEO Ki Young Ju stated that the Bitcoin bear market has ended and the market has entered the early stages of a new bullish cycle. He expects the rally from cycle lows to be in the range of 3-5x, which is a more moderate price action compared to the past cycles. In a recent interview, he pointed out that the structure of Bitcoin market participants has changed, citing the inflow of fresh capital and reduced selling pressure from OG whales.

The convergence of three conditions, new money coming in, old holders stopping their selling, and large players taking positions again, is an important signal for Ki Young Ju. He views the decline in MVRV (Market Value to Realized Value) peaks as a sign of market maturation, which has resulted in more moderate price movements. In the past, MVRV peaks exceeded 4-5 before triggering violent profit-taking, but in the most recent cycle, the peak has largely stayed in the mid-2s.

Ki Young Ju also mentioned the changes in CryptoQuant's PnL Index, which combines multiple on-chain metrics to capture the profit and loss conditions of market participants. He emphasized that changes are beginning to occur simultaneously across multiple metrics, including profit-taking, cost basis, whale behavior, and fresh capital. This internal transition toward a bull phase is a sign that the market has already begun the transition.