[CryptoQuant Founder: This Bull Market Peak May Be Driven by Non-U.S. Institutional Funds and ETFs] Deep Tide TechFlow reports that on August 27, CryptoQuant founder Ki Young Ju stated that the peak of this Bitcoin bull market might be driven by institutional funds outside the United States and ETFs. Currently, South Korea does not have a spot Bitcoin ETF, retail investors cannot purchase related overseas products, and companies are unable to open exchange accounts to buy Bitcoin. He believes that the current phase is primarily about Bitcoin adoption in the U.S. market, while the next phase will shift toward global institutionalization, accompanied by deeper stablecoin liquidity and the development of real-world asset infrastructure. In the future, more institutions may hold Bitcoin as a strategic asset, and many countries that have not yet launched ETFs will improve related investment channels.