Bitcoin Enters ‘Boring’ Side Stage as Inflow Store

Ki Young Ju’s vision challenges both the narrative of the crash and the expectation of a quick bull, pointing instead to a long period of low happiness.

Bitcoin (BTC) income has dried up, according to CryptoQuant CEO Ki Young Ju, who said that the market is likely to enter several months of low price movements, which are more negative than dramatic sales.

His comments are important because they challenge both the fear of a crash and the expectation of a near bull at a time when Bitcoin is trading below the key levels of the reversal of the volatile end in 2025.

Capital Rotation Replaces Old Bitcoin Cycle

Writing on X, Ki noted that new money is no longer flowing into Bitcoin in a meaningful way. Instead, money has changed into stocks and commodities, which he calls “stocks and glittering stones.” He pointed out that these changes, combined with structural changes in the market, make time entry less valuable than in previous cycles.

According to Ki, the traditional pattern of large owners selling to retail demand has weakened. Long-term institutional ownership has changed supply behavior, and has dispelled fears that large corporate owners will suddenly flood the market with coins. He pointed to Strategy’s 673,000 BTC stash, saying the company is unlikely to sell a meaningful portion.

Because of this, Ki said a deep decline similar to previous bear markets seems unlikely. Instead of a violent drop from the top, he expects what he describes as “boring sideways action” for the price over the next few months. He added a stern warning to traders betting on a sudden fall:

“Are you missing out on hope for this nuke? I wish you luck with that.”

Not everyone agrees. A response from X user Inner Edition captures the frustration of small investors, saying they are “very disappointed” and questioning whether a bull market is coming. Ki responded by encouraging patience, comparing Bitcoin to something that evolves over time rather than quick speculation.

On-chain Data Returns A Slow, Grinding Phase

A recent CryptoZeno analyst report gives context to Ki’s opinion. According to them, Bitcoin’s Net Unrealized Profit/Loss is sitting around the 0.3 level, an area that often acts as a buffer between recovery and risk resumption. The reading suggests that average owners have returned to a small profit, but nowhere near the excesses seen late in previous cycles.

You may also like:

Glassnode echoed that sentiment in its Weekly On-Chain report released on January 7, which described the flagship cryptocurrency entering 2026 with a “clean market structure” after a major reset. Profit-taking has cooled, some holdings have cleared, and flows into US ETFs have started to pick up again, albeit unevenly.

However, some market watchers remain divided. For example, Bitwise CIO Matt Hougan believes that the recovery of BTC 2026 can continue if the regulatory uncertainty in Washington reduces and the financial markets avoid a major decline. Meanwhile, cautious voices, such as the pseudonymous Doctor Profit, still see downside risks later this year, despite a modest short-term decline.