According to the CEO of CryptoQuant, Ki Young Ju, Bitcoin's traditional boom-and-bust cycles are no longer as relevant as they used to be. This shift is seen as Bitcoin's price remains above $100,000 with increasing interest from institutional investors and macroeconomic factors.

Previously, Ki had wrongly predicted the end of Bitcoin's bull cycle two months ago, and he now acknowledges that the market dynamics have changed. With the entry of traditional finance players like ETFs and institutions, the old indicators such as whale movements and retail inflows are losing significance.

Instead, the focus is now on the influx of liquidity from institutions and ETFs, reshaping the market narrative. Ki still values on-chain data but acknowledges the need for new analytical frameworks due to changing variables.

As Bitcoin integrates further with traditional finance, it is being perceived as a hedge against US Treasury risk and currency devaluation. This evolution in the market indicates a maturing industry that requires adapting strategies and analysis methods to account for new players and dynamics.