BlockBeats News, August 27th, CryptoQuant founder Ki Young Ju posted saying that the top of this bull market cycle is likely to be driven by institutional funds from outside the United States and ETFs. Currently, South Korea has not launched a spot Bitcoin ETF, retail investors cannot purchase overseas ETFs, and even companies cannot open exchange accounts to buy BTC.

Ki Young Ju believes that the market was previously mainly driven by the United States adopting Bitcoin, but the next stage will shift to global institutionalization, accompanied by deeper stablecoin liquidity and RWA infrastructure. More institutions will hold BTC as a strategic asset, and several countries that have not yet launched an ETF will gradually improve related investment channels. The top of this cycle may occur when a banker at a local bank in South Korea recommends a spot Bitcoin ETF to an elderly woman and suggests using it for savings.