TL;DR
- CryptoQuant CEO Ki Young Ju says Bitcoin inflows have “completely dried up” and forecasts “boring sideways” trading near $94,000.
- He argues institutional treasuries, including MicroStrategy’s 673,000 BTC, and liquidity have muted the whale retail sell cycle as money rotates to stocks and metals.
- Whale exchange activity and retail demand remain low; Glassnode shows realized profit at $183.8M, ETF flows returning, and an options reset clearing over 45% after Dec. 26.
Bitcoin’s capital inflows have “completely dried up,” CryptoQuant CEO Ki Young Ju warned, arguing that diversified liquidity channels and institutional long term holding are reshaping the market’s rhythm. With Bitcoin consolidating around $94,000 and recently dipping below $90,000, Ju expects months of “boring sideways” action instead of the 50% plus corrections seen in earlier bear phases. In his view, treasury style demand is blunting the old whale retail unwind, and that structural shift matters more than day to day headlines for traders positioning into early 2026, especially after the holiday liquidity fade in January.
Capital inflows into Bitcoin have dried up.
Liquidity channels are more diverse now, so timing inflows is pointless. Institutions holding long-term killed the old whale-retail sell cycle. MSTR won't dump any significant chunk of their 673k BTC.
Money just rotated to stocks and… pic.twitter.com/Ha866TP857
— Ki Young Ju (@ki_young_ju) January 8, 2026
Reading the On-Chain Signals
Ju singled out institutional treasuries as the clearest evidence the playbook has changed. He highlighted MicroStrategy’s 673,000 BTC position and said institutions holding long term have “killed” the traditional whale retail sell cycle. He added that liquidity is now more diverse, making timing inflows “pointless,” while money has rotated into stocks and precious metals. In this framework, capital rotation replaces panic as the dominant driver, keeping prices rangebound even when sentiment turns loud on social media screens and keeping leverage more cautious across major venues, as traders wait for clearer demand signals to return.
Retail is still missing in action 🚫
Bitcoin’s 30-day change in Retail Investor Demand remains deeply negative.
The crowd hasn’t returned—yet. pic.twitter.com/ZNuHWN0ygR
— Maartunn (@JA_Maartun) January 8, 2026
Despite the price rebound from lower levels, the report says whale exchange activity has declined rather than increased, defying older patterns where rising large holder interaction preceded distribution. CryptoQuant data is cited as showing whale engagement remains relatively low, consistent with a “structurally healthy” environment. Retail demand is also described as missing, with the 30 day change in retail investor demand deeply negative. Bitcoin even dipped below $90,000 and filled its first CME gap, raising talk of $88,000. Together, both whales and the crowd appear hesitant, leaving the market in an unusual standoff today.
Glassnode metrics suggest the standoff can coexist with stabilization. Realized Profit on a seven day average fell to $183.8M per day in December 2025, down from above $1B per day through much of Q4, signaling reduced profit taking pressure. US spot ETF flows have re emerged after 2025 outflows, and futures open interest has stabilized and turned higher after cycle highs above $50B. After the Dec. 26 expiry, an options reset cleared more than 45% of positioning, easing constraints. Institutional spot demand is re establishing a constructive tailwind, even if price action stays dull.
