CryptoQuant founder Ki Young Ju believes Bitcoin’s current bull cycle could ultimately peak as institutional investors and spot Bitcoin ETFs gain broader acceptance outside the United States. He expects expanding ETF access, deeper stablecoin liquidity, and tokenized real-world asset infrastructure to accelerate Bitcoin’s global institutionalization.
- Global institutional investment could become a key driver of Bitcoin’s next cycle peak.
- Wider access to spot Bitcoin ETFs may bring new markets and investors into the ecosystem.
- Stablecoins could provide deeper liquidity for trading and cross-border settlement.
- Tokenized real-world assets could strengthen the infrastructure supporting institutional adoption.
Global ETF Expansion Could Define Bitcoin’s Cycle Top
Bitcoin’s current bull cycle may reach its eventual peak not because of another surge in U.S. demand, but because institutional participation expands across international markets, according to Ki Young Ju, founder and CEO of CryptoQuant.
Ju argued that the next major phase of Bitcoin adoption could come from countries where regulated investment products remain limited or unavailable. In his view, the United States has already established itself as the primary institutional Bitcoin market following the launch of spot Bitcoin exchange-traded products in January 2024. The next wave could come from international investors gaining similar access.
“The peak of this bull cycle will likely be driven by institutional money and ETFs outside the US.”
South Korea provides one example of the remaining barriers. The country does not currently offer a domestic spot Bitcoin ETF, while retail investors face restrictions on purchasing foreign-listed spot Bitcoin ETFs. Corporate access to cryptocurrency exchanges has also historically been limited, although South Korean regulators have begun introducing measures to gradually expand institutional participation.
Ju suggested that the ultimate sign of Bitcoin becoming fully integrated into mainstream finance could be when cryptocurrency investment becomes an ordinary recommendation from traditional financial professionals.
He illustrated the point with a hypothetical scenario in which a regional Korean banker recommends a spot Bitcoin ETF to an elderly customer as part of her savings strategy.
Such a development would represent a significant shift from Bitcoin being viewed primarily as a speculative asset toward becoming a conventional component of investment portfolios.
Institutional Adoption Is Moving Beyond Bitcoin Purchases
The institutionalization of Bitcoin is also extending beyond simply buying and holding BTC.
Banks, asset managers, financial institutions, and other companies are increasingly developing infrastructure around custody, trading, financing, digital-asset products, and tokenization. However, adoption remains uneven, leaving considerable room for traditional financial institutions to expand their cryptocurrency capabilities.
Tokenized real-world assets (RWAs) could become another important component of this emerging financial infrastructure. Blockchain-based systems can represent assets such as government securities and private credit as digital tokens, potentially enabling faster issuance, settlement, and transfer.
The growing RWA market therefore represents more than another cryptocurrency investment category. It could form part of the broader infrastructure connecting traditional finance with blockchain networks.
Stablecoins Could Provide the Liquidity Layer
Ju also expects deeper stablecoin liquidity to play an important role in Bitcoin’s next phase of institutional adoption.
Stablecoins can provide blockchain-based liquidity for trading, settlement, and cross-border transactions. As institutional participation expands internationally, deeper stablecoin markets could make it easier for investors and financial institutions to move capital between traditional currencies and digital assets.
However, stablecoin expansion also carries regulatory and financial risks. The Bank for International Settlements has highlighted their potential for faster and programmable payments while warning about issues involving liquidity, financial integrity, and monetary stability.
This means that expanding blockchain infrastructure will not automatically eliminate the regulatory and operational challenges surrounding digital assets.
Bitcoin’s Role Could Broaden as Access Improves
Bitcoin itself remains fundamentally separate from the financial products built around it. Its fixed supply and decentralized settlement mechanism are properties of the Bitcoin network, while ETFs, stablecoins, custody services, and tokenized assets represent the infrastructure through which traditional investors interact with digital assets.
The expansion of those investment channels could therefore increase Bitcoin adoption without changing the underlying characteristics of the network.
U.S. spot Bitcoin ETFs have already demonstrated how quickly regulated investment vehicles can bring traditional capital into the cryptocurrency market. Ju believes the next stage could involve a similar expansion across countries that have yet to establish comparable products.
“So far this has been a US adoption story, but the next phase is global institutionalization with deeper stablecoin liquidity and RWA rails.”
He expects more institutions to eventually hold Bitcoin as a strategic asset, while improved regulatory access could open the market to investors in countries that currently lack spot Bitcoin ETFs.
The Next Bitcoin Cycle Could Become a Global Story
Ju’s thesis ultimately shifts the focus of Bitcoin’s current cycle from U.S. ETF inflows to global institutional adoption.
The first phase of regulated Bitcoin adoption was heavily concentrated in the United States. The next phase could be defined by international ETF availability, institutional custody and investment products, deeper stablecoin liquidity, and the continued development of tokenized financial markets.
If those components expand simultaneously, Bitcoin’s investor base could become significantly broader than it is today.
The potential irony is that the peak of the current bull cycle may arrive not when Bitcoin becomes more speculative, but when it becomes increasingly ordinary—when banks, asset managers, corporations, and everyday investors around the world can access Bitcoin through familiar financial channels.
