CryptoQuant CEO Ki Young Ju said the peak of the current Bitcoin bull cycle could be driven by institutional capital and ETF access outside the United States. He said Bitcoin adoption has so far been concentrated in the U.S., while many overseas markets still face limited access. Ju pointed to South Korea as an example, noting the country still has no spot Bitcoin ETF, retail investors cannot buy foreign ETFs, and companies cannot open exchange accounts to purchase Bitcoin. He said the next phase will be global institutionalization, supported by deeper stablecoin liquidity and the development of RWA mechanisms, with more institutions holding Bitcoin as a strategic asset and easier access emerging in countries that still lack ETFs.