Bitcoin’s Great Wealth Transfer May Fuel Next Rally, Says CryptoQuant CEO
CryptoQuant CEO Ki Young Ju says Bitcoin’s current distribution looks less like structural weakness and more like a major transfer of supply from OGs and miners to US institutions, ETFs, Strategy, and newer long-term holders. He argues the key issue is not just selling, but who absorbs it: if stronger liquidity providers are taking over, another rally is still possible. He notes heavy institutional absorption has not lifted price much: since early 2023, Strategy and ETFs have accumulated huge amounts of BTC, yet Bitcoin has returned to around the same level. He also points to a shift in holder composition, with the 6-month-to-2-year cohort now making up a much larger share of realized cap, suggesting short-term holders are maturing into long-term ones. Still, he sees risk: overall Bitcoin demand is contracting, and strong sell pressure persists. His outlook remains constructive, but conditional on this “change of hands” eventually becoming a stronger demand base rather than a ceiling on upside.
