Bitcoin Lows Could Mark Start Of On-Chain TradFi Migration, Says CryptoQuant CEO Ki Young Ju

Bitcoin’s latest decline is widening the gap between market prices and the development happening across tokenized finance. CryptoQuant CEO Ki Young Ju believes this divergence could mark the early stage of a major shift that moves traditional financial infrastructure onto public blockchains. His view comes as Bitcoin and Ethereum fall despite rapid progress in tokenized securities and stablecoin adoption across global markets.

On-Chain Infrastructure Grows Despite Trader Fear

Ju said he has never seen price and fundamentals drift this far apart. His view echoes John Deaton’s argument that Bitcoin could still climb toward $110,000 before this year ends despite the current fear cycle.

The CryptoQuant CEO said builders and institutions are accelerating development even as traders panic over price moves. One example he cited is the former BlackRock IBIT team, which is now building a tokenized-stock DEX. Another example he cited is the Robinhood founder that is expanding efforts around tokenized securities.

In addition, Michael Saylor is laying the groundwork for a Bitcoin bank and a digital credit system. This includes Strategy’s recent launch of Bitcoin-backed credit products.

Ju argues that these developments form the foundation of a new financial architecture that will operate directly on-chain. He said doubts about real crypto fundamentals are fading.

The CryptoQuant CEO believes Bitcoin and Ethereum now sit at the center of a fast-growing financial stack that links fintech and traditional markets. He said that traders still rely on classic market cycles even though the industry is shifting toward real utility. Ju said this misunderstanding is fueling confusion during the current downturn.

Ju Says Market Enters Profit-Taking Phase

Analyst Yuan supported this view by describing today’s market as the intersection of two major curves. He said speculative behavior is declining while real financial infrastructure is beginning to rise.

According to him, this creates inner conflict for investors who believe in blockchain technology but remain skeptical of its fundamentals. Yuan also said today’s lows may eventually be the start of the quiet migration of traditional finance onto decentralized rails.

Ju also addressed the market’s current state using a chart of the Bitcoin PnL Index. He said Bitcoin is in a profit-taking phase based on data from wallet cost bases. He explained that classic cycle theory suggests the market is entering a bearish stage.

Bitcoin is in a profit-taking phase.

The PnL Index measures profit and loss based on all wallets’ cost basis. Classic cycle theory says we’re entering a bear market.

Only macro liquidity can override the profit-taking cycle, just as we saw in 2020. pic.twitter.com/J200MEv3Sg

— Ki Young Ju (@ki_young_ju) November 22, 2025

Macro Cycles Hold While On-Chain Utility Strengthens

The chart shows the same pattern seen during past cycle transitions that preceded major recoveries. According to Ju, macro liquidity is the only way to break the cycle, similar to what occurred during the first half of 2020 when the market flipped with a sharp turn.

The CryptoQuant CEO also pointed out that a Bitcoin rebound is also probable in case there is a boost in liquidity. He believes that traders must not overlook how price fluctuations connect with infrastructure development in the long term. Ju also predicts that the likelihood of buying Tesla stocks on a DEX in the next three years is feasible.