Is the next Bitcoin move a 10x or a 3 to 5x? CryptoQuant founder Ki Young Ju says he expects about 3 to 5x from the lows, not another 10x, because institutional ETF and custody flows dampen volatility. He explains why he thinks the bear market ended this summer and what on-chain data is showing right now.

Chapters:
0:00 What On-Chain Data Shows: Fresh Capital and No More Whale Selling
1:44 The Bear Market Is Over: 3 to 5x, Not Another 10x
3:19 The PNL Index and ETFs as the Cycle’s Liquidity Channel
5:39 ETF Cost Basis in the Low-to-Mid $80Ks: The Institutional Bull-Bear Line
6:18 How Institutions Changed On-Chain Analysis: Custodial and Accumulation Wallets
9:18 Nearly $700 Billion in Realized Cap and Trillions Next Cycle
10:36 Who Is Buying? Reading Coinbase’s Wallet Flows
13:35 Top Signals: Behavioral, Not Price Levels
15:22 Is the Four-Year Cycle Invalidated?
16:31 Miner Costs and What They Imply for Price

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