Ki Young Ju, CEO of CryptoQuant, warned that Bitcoin's greatest risk is not a sharp selloff but extended sideways movement, which can erode investor conviction and reduce market participation. He argues that while dramatic drawdowns often trigger renewed optimism, prolonged stagnation compresses premiums, weakens demand, and undermines institutional capital-raising models like Strategy's STRC structure. Bitcoin currently trades below $62,500 after falling from highs above $126,000. Ju notes that historical narratives—digital gold, cypherpunk freedom money, and ETF-driven institutional legitimacy—have matured. Newer concepts like Bitcoin banking and digital credit may not resonate with retail audiences, creating a disconnect that could hinder sustained momentum. Despite this, Ju maintains a constructive long-term view, citing underexposed capital pools and expanding institutional adoption. However, he emphasizes that Bitcoin needs a new unifying narrative to bridge professional and retail investors.

Key facts

• Bitcoin's biggest threat is prolonged sideways movement, not a crash, says CryptoQuant CEO.
• Extended stagnation can erode investor conviction, reduce market participation, and compress premiums.
• Strategy's STRC structure becomes vulnerable in a prolonged bear market, as capital-raising relies on optimism.
• Bitcoin currently trades below $62,500 after falling from highs above $126,000.
• Bitcoin needs a new narrative to unite retail and institutional investors, as old narratives mature.

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