• CryptoQuant CEO Ki Young Ju asserts that Bitcoin's bull market is in its distribution phase, supported by Trump's global influence on Bitcoin.
  • Ju highlights new retail investor participation, institutional whale activity, and shifting Bitcoin ownership patterns as key market drivers.
  • While warning of potential risks like seized Bitcoin reserve sales, Ju remains optimistic that the bull market still has room to grow.

In a recent post on X (formerly Twitter), Ki Young Ju, CEO of CryptoQuant, shared his belief that the Bitcoin bull market is still in its distribution phase, fueled in part by former U.S. President Donald Trump’s global influence. Ju’s analysis underscores the dynamic shifts in Bitcoin ownership and hints at a potential extension of the current bull run.

Ju highlighted ongoing market trends, noting that short-term Bitcoin holders are entering the market while long-term holders are gradually offloading their assets.

“If you know, you know—this is the definition of a bull market,” he remarked.

According to Ju, this behavior aligns with typical market cycles but also reflects new dynamics.

Ju elaborated on the distinct characteristics of this cycle, emphasizing that retail investors and institutional whales are actively reshaping the market.

“We’re in the late stage of the Bitcoin bull market, but I believe there’s still room for growth,” he said.

He described the current stage as the “early distribution phase,” marked by retail investors entering the market while experienced “OG” investors and whales diversify their holdings.

Ju’s observations extend to the broader impact of Trump’s promotion of Bitcoin, which he believes has amplified global retail participation.

“Trump promoted Bitcoin globally. This global promotional impact could extend this bull run for another couple of quarters,” Ju stated.

Ju’s analysis was bolstered by on-chain data, which reveals the footprints of both long-term holders and institutional investors. He expects the final phase of this cycle to unfold within the year, with retail investors increasingly acquiring assets from experienced players and institutional custodians.

“OGs leave footprints through on-chain activity and crypto exchanges, while paper Bitcoin—such as ETFs and corporate stocks—leaves custody wallet on-chain footprints at settlement,” Ju explained.

He advised against turning bearish too early, emphasizing his optimism for continued growth.

Ju’s comments come amid ongoing discussions about the potential market impact of seized Bitcoin reserves. Reflecting on the 2019 PlusToken scam, where China liquidated a significant amount of confiscated Bitcoin, Ju argued that such events can create significant ripples in the market. He theorized that the Chinese government’s use of crypto mixers to obscure these transactions was indicative of a complete liquidation strategy.

While Bitcoin has since recovered and surpassed the $100,000 mark in 2024, concerns about future sales of seized reserves continue to loom over the market. At the time of writing, Bitcoin is trading at $104,676, maintaining stability above key support levels.

Edited by Harshajit Sarmah