Crypto’s Golden Rule Just Got Broken, According To Analyst

[Ben Graham]

Bitcoin’s old four-year rhythm has been upended, according to CryptoQuant CEO Ki Young Ju. He argued on Thursday that the crypto’s cycle is no longer in existence, driven out by big players stepping in.

His latest comments follow a public rethink after he called a market top just a few months ago and got it wrong.

Institutional Buyers Rewrite Rules

Based on reports, Bitcoin Spot ETFs and corporate treasuries are changing the game. In the first half of the year, treasury companies bought twice as much BTC as the ETFs did.

That shows how deep pockets can fill the gap when veteran whales move out. Short sells and panic dumps used to knock prices hard.

Now, a growing pool of steady institutional demand comes in right behind those exits. It’s a shift that could reshape Bitcoin’s usual peaks and valleys.

#Bitcoin cycle theory is dead.

My predictions were based on it—buy when whales accumulate, sell when retail joins. But that pattern no longer holds.

Last cycle, whales sold to retail. This time, old whales sell to new long-term whales. Institutional adoption is bigger than we…

— Ki Young Ju (@ki_young_ju) July 24, 2025

Ki Young Ju first sounded the alarm in March, when Bitcoin hovered around $83,000. At that time, every on-chain metric pointed down.

The bull score hit multi-year lows. BBMC indicators and the MVRV ratio flashed red warnings. Whale liquidations piled up, and many saw a bear market beginning.

Market Indicators Flash Early Warnings

Support levels stood strong after an April retest. Those same bears had to eat their words when Bitcoin bounced back. By May, prices broke past the January high and surged to $112,000.

This month, BTC even hit $123,000 before taking a breather. That quick turnaround forced Young Ju to admit he was wrong—and to thank investors for showing him the mistake.

He now says the old cycle theory no longer applies, since institutional players don’t follow the same playbook as retail buyers.

Public companies like MicroStrategy (now Strategy) and other treasury-focused firms have become major holders. They treat Bitcoin as a reserve asset.

ETFs Big Appetite

Meanwhile, spot ETFs keep buying almost daily. That dual demand has built a solid floor under prices and given big whales less sway.

Retail investors may still buy late and sell early. But now their moves are cushioned by far larger, long-term stakes.

Experts See A New Phase

Major voices in crypto echo this view. Michael Saylor has declared that the bear market era is no longer here. JAN3 chief executive officer Samson Mow and Binance CEO CZ even project that this cycle could take Bitcoin all the way to $1 million. Other big names in the industry, like ‘Rich Dad Poo Dad’ author Robert Kiyosaki, believe so as well.

Those bullish calls come from people who back institutional growth over hype-driven swings. They see big money as a stabilizer rather than a speculator.

Featured image from Meta, chart from TradingView