[Ki Young Ju: The Peak of This Bull Market May Be Driven by Non-U.S. Institutional Funds and ETFs] CryptoQuant CEO Ki Young Ju tweeted that the peak of this bull market is likely to be driven by institutional funds and ETFs outside the United States. Currently, South Korea still does not have a spot Bitcoin ETF, retail investors cannot purchase foreign ETFs, and companies are even unable to open exchange accounts to buy Bitcoin. So far, Bitcoin adoption has been primarily concentrated in the U.S., but the next phase will be global institutionalization, accompanied by greater stablecoin liquidity and the establishment of RWA mechanisms. More institutions will hold Bitcoin as a strategic asset, and many countries that still lack ETFs will also find it easier to access Bitcoin.