> At a Glance
> – Bitcoin inflows have dried up, per CryptoQuant CEO Ki Young Ju
> – Expect months of flat price action, not a crash or new rally
> – Capital has rotated into equities and commodities, weakening the old BTC cycle
> – Why it matters: Traders betting on either a major dump or moon-shot face a long wait
Bitcoin holders might want to grab some popcorn-and prepare for a very slow show. Ki Young Ju, head of on-chain analytics firm CryptoQuant, told followers that the flagship crypto is entering a months-long stretch of “boring sideways” trading rather than delivering big up-or-down fireworks.
Capital Rotation Breaks Old Cycle Patterns
Fresh money is no longer flooding into Bitcoin. Ki says funds have pivoted toward “stocks and shiny rocks,” leaving crypto in a lull. He argues this capital rotation, plus deeper structural shifts, makes the classic four-year boom-bust rhythm less reliable.
- Weakened retail-driven tops: Large holders historically offload into retail spikes; that dynamic has faded
- Institutional holders change supply behavior: Long-term corporate treasuries, such as Strategy’s 673,000 BTC, are unlikely to unload en masse
- Timing inflows is trickier: Ki believes watching for old-cycle signals is “far less useful”
> Ki Young Ju warned:
> “Shorting here hoping for a nuke? Good luck with that.”
On-chain Data Signals a Grinding Plateau
A separate report from analyst CryptoZeno shows Bitcoin’s Net Unrealized Profit/Loss hovering around 0.3, a zone that has historically acted as a holding pattern between recovery and renewed risk-taking. Translation: most holders sit on small, not euphoric, paper gains.
Glassnode’s Week-On-Chain report (January 7) echoed the view, describing BTC entering 2026 with a “cleaner market structure” after a broad reset:
| Metric | Status After Reset |
|---|---|
| Derivatives exposure | Largely cleared |
| ETF flows | Positive but choppy |
| Overall profit-taking | Cooled |
Opinions Split on What Comes Next
- Bitwise CIO Matt Hougan thinks BTC’s recovery can press on if U.S. regulatory clouds lift and equities avoid a steep drop
- Pseudonymous trader Doctor Profit still sees potential for lower lows later this year, though near-term downside looks limited
- X user Inner Edition voiced retail frustration: “extremely disappointed” and wondering if a bull market will arrive at all
Ki’s response: patience, likening Bitcoin to “something that improves with time rather than quick speculation.”
Key Takeaways
- Expect sideways chop for months, not an immediate crash or surge
- Structural shifts make old cycle-timing tricks less effective
- Corporate treasuries provide a supply cushion, reducing odds of a deep drawdown
- Short-term traders may struggle; long-term holders need endurance
With inflows on pause and leverage washed out, Bitcoin’s next big move might simply be… no move at all-for now.
