According to Ki Young Ju, the founder and CEO of Cryptoquant—a platform for cryptocurrency market analytics—the peak of Bitcoin's current bull cycle may be driven by inflows of institutional capital and exchange-traded funds (ETFs) outside the US. He presented this forecast in an X post on August 27, pointing to access to international markets as a potential source of demand after US products facilitated an expansion of regulated market participation.
Ju stated:
“The peak of this bull cycle is likely to be driven by institutional investments and ETFs outside the US.”
As an example of barriers that remain outside the US, he pointed to South Korea. He said that the country has no spot Bitcoin ETF, retail investors cannot buy spot Bitcoin ETFs listed on foreign exchanges, and most companies still cannot open exchange accounts to buy $BTC. South Korea has begun to gradually permit participation by corporate investors, and the Financial Services Commission (FSC) roadmap includes a stage for about 3,500 listed companies and qualified professional investors. Financial companies and other corporations remain excluded from this system.
Ju illustrated how broad access by retail investors could signal the peak of the cycle: “The peak of this cycle could come when a banker at a regional bank in Korea recommends a spot Bitcoin ETF to a grandmother for investing her savings.”
This forecast shifts focus from US capital flows to markets where regulated Bitcoin investment products are still unavailable or have limited availability. The US Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded products in January 2024, allowing investors to open positions through regular brokerage and investment accounts. Ju argues that similar access in other countries could expand investor participation in the next phase of the cycle.
Institutional Players Building Bitcoin and Tokenization Infrastructure
Bitcoin adoption by institutional investors already extends beyond direct Bitcoin purchases and spot ETF ownership, though access and service provision remain uneven. The Banking Bitcoin Adoption Index, developed by Strategy, evaluated 25 major institutions based on criteria such as trading, custody, digital asset-based products, financing, and corporate involvement. The banking sector adoption rating showed an overall adoption level of 32%, indicating significant potential for banks to expand their digital asset capabilities.
Tokenized real-world assets (RWA) may become another component of financial infrastructure that Ju believes will drive broader adoption. As of August 29, according to the “Global Market Overview” from RWA.xyz, the value of distributed assets reached $38.63 billion, a 2.65% increase from 30 days prior. Such products, which are part of the tokenized RWA market, transfer rights to assets, including government securities and private loans, onto blockchain-based systems for issuance, settlement, and transfer.
Stablecoin Liquidity Could Facilitate Broader Market Access
The development of stablecoin markets could provide institutions with more liquidity for trading, settlement, and cross-border transfers as regulated access expands. The Bank for International Settlements (BIS) stated that stablecoins show some potential for faster and programmable payments while also warning that existing models could pose risks to financial integrity, liquidity, and the monetary system. Its assessment shows that expanding financial infrastructure on blockchain does not eliminate regulatory or operational challenges.
Bitcoin’s fixed supply cap and decentralized settlement remain separate from the regulated funds and tokenized financial channels that provide investor access. Expanding ETF distribution could broaden access to Bitcoin without altering the underlying network architecture. Ju expects both access to investments and the supporting infrastructure to extend beyond the US market.
His assessment follows the rapid adoption of Bitcoin ETFs in the US, where spot funds attracted approximately $57 billion in net inflows over the first two years. “So far, it’s been a US adoption story, but the next phase will be global institutionalization with deeper stablecoin liquidity and real-world asset (RWA) channels,” noted Ju, adding:
“More and more institutional investors will hold $BTC as a strategic asset, and access to it will improve in many countries where ETFs are still absent.”
The forecast focuses on broader ETF availability internationally, institutional allocations, and blockchain-based financial infrastructure as conditions that could define Bitcoin's next adoption phase.
end-content
