Global ETF Demand Could Send Bitcoin Cycle Peak

Ki Young Ju, founder and CEO of Cryptoquant, believes that the peak of Bitcoin's current bull cycle may be driven by institutional capital and exchange-traded funds (ETFs) outside the United States. In an August 27 post on X, Ju pointed to international market access as a potential source of demand after U.S. products helped broaden regulated exposure.

Ju noted that South Korea is an example of barriers remaining outside the US, with no spot Bitcoin ETF and retail investors unable to buy foreign-listed spot Bitcoin ETFs. However, he expects widespread retail access to signal the cycle's peak, saying 'This cycle's top might be when a banker at a regional bank in Korea recommends a spot bitcoin ETF to a granny for her savings.'

Ju argues that comparable access elsewhere could broaden participation during the cycle's next stage. He points out that institutions have already built Bitcoin and tokenization infrastructure beyond direct Bitcoin purchases and spot ETF holdings.