Cryptoquant founder Ki Young Ju bluntly asserts that the peak of the bitcoin bull cycle will not come from the United States. But, institutional capital and ETFs deployed elsewhere. A thesis which clearly reframes the debate, while South Korea remains behind in terms of regulatory access.
In brief
- Ki Young Ju (Cryptoquant) believes that the peak of the bitcoin bull cycle will be driven by institutional capital and ETFs outside the United States.
- South Korea illustrates the obstacles that persist elsewhere: no spot ETF, limited retail access, companies still excluded from trade.
- Sberbank, Russia’s leading bank, plans to accept bitcoin, ETH and USDT as loan collateral from September 1.
Bitcoin: the bull run will take place outside the United States, according to Ki Young Ju (Cryptoquant)
For Ki Young Ju, the founder of Cryptoquant, the peak of this bitcoin bullish cycle will not be American. Not only will it be institutional and it will come from elsewhere. And to illustrate his words, he takes the example of South Korea, a country where:
- There is still no spot bitcoin ETF;
- Individuals cannot purchase foreign products;
- Companies are stuck at the trade door;
- Local regulation is just starting to open up.
Meanwhile, US Bitcoin ETFs validated by the SEC have already sucked up almost $57 billion in two years. For Ki Young Ju, this imbalance is the room for progress in the next cycle and the real peak will arrive when a Korean provincial banker recommends a bitcoin ETF to a grandmother for her retirement.
Russia shifts gears with BTC
Russia is currently pressing on the bitcoin level accelerator. Sberbank, the country’s largest bank with more than 100 million customers, plans to accept Bitcoin (BTC), ETH and USDT as collateral for loans. The condition here is the entry into force of new Russian rules on digital assets, scheduled for September 1, 2026.
A systemic bank in a country that has long kept its distance from crypto is now preparing to transform bitcoin into bank collateral. Not a simple speculative bet, but a concrete financial use on the scale of tens of millions of accounts. All this perfectly illustrates what Ki Young Ju is pointing out with BTC : Institutional adoption is no longer happening only in Washington, but also in Moscow.
Between Ki Young Ju’s thesis on the bitcoin bull run and the shift of the Russian bank Sberbank, the adoption of BTC is leaving its American costume. It remains to be seen whether Asia or Russia will then give the next strong signal. One thing is certain now, the bull run has not finished traveling.
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