📉 Ki Young Ju Warns: “Fundamentals Have Never Been This Strong While Prices Diverge This Much”

Bitcoin and Ethereum show the widest-ever disconnect between fundamentals and price action, even as tokenized securities, stablecoin rails, and institutional-grade crypto infrastructure accelerate.

CryptoQuant CEO Ki Young Ju sounded the alarm on X, noting that core fundamentals in crypto have never been stronger — yet price action continues to drift downward. Here is his original post: https://x.com/ki_young_ju/status/1992158927883026775

“In seven years in this industry, I have never seen fundamentals and price drift this far apart,” Ju wrote. His comments come as major institutions and builders quietly deploy the next generation of crypto infrastructure:

• 🏛️ Former BlackRock IBIT team building a tokenized stock DEX (@hellotradeapp)
• 📱 Robinhood founder doubling down on tokenized securities
• 🏦 Michael Saylor preparing Bitcoin-based banking and digital credit rails

According to Ju, Bitcoin and Ethereum “are no longer assets for quick gains.” Instead, the market is entering a structural phase where TradFi and crypto merge — even if prices have not caught up yet.

📊 Bitcoin: Profit-Taking Cycle Meets Weak Liquidity

Ju’s PnL Index shows Bitcoin currently sitting in a profit-taking regime — something that historically aligns with early bear markets. Classic cycle theory would suggest downside ahead.

However, Ju notes that in 2020, macro liquidity alone reversed a similar pattern.

Key points:

• 💧 U.S. dollar liquidity is contracting — bearish for risk assets
• 🟥 Coinbase hourly premium remains negative, signaling weak U.S. institutional demand
• 📉 Risk assets are being sold aggressively and likely will continue for six months

Despite this, Ju sees a path for a strong short-term rebound:

“We may still see a sharp bounce to ~$100,000. But if that level doesn’t break, the probability of forming a new, lower low increases.”

🌍 Macro Pressure: Fiscal Deficits, Bond Demand & Liquidity Return

Ju credits macro analysts like Luke Gromen for insights into the broader liquidity picture. Gromen highlights:

• 🇺🇸 Excessive U.S. fiscal deficits
• 📉 Declining foreign demand for U.S. Treasuries
• 🔄 Liquidity expected to return in 2025 due to deficit-driven pressures

Once liquidity expands again, Ju believes deficit hedges like Bitcoin and gold will outperform.

“Until liquidity returns, expect high volatility. Any short-term rallies must be viewed through the macro lens.”

🔍 Bigger Picture: Price ≠ Fundamentals

Ju stresses that fundamentals in crypto have never been stronger — from tokenized U.S. equities to Bitcoin-based credit systems — but price action remains disconnected due to macro headwinds.

This divergence, he argues, won’t last forever. When liquidity returns, assets with real fundamentals will lead the next cycle.

✅ TL;DR

• 📉 Bitcoin is in a profit-taking cycle; macro liquidity is bearish.
• 🏗️ Fundamentals stronger than ever — tokenized TradFi infrastructure accelerating.
• 📉 Coinbase premium remains negative: weak U.S. institutional demand.
• ⚠️ Sharp bounce to $100K possible — but failure to break it risks a lower low.
• 🔮 Liquidity return in 2025 could trigger major upside for BTC & ETH.

📚 Read Also

• Peter Thiel Bets Big on Ethereum
• Why Analysts Say the Bitcoin 4-Year Cycle Is Dead
• Kiyosaki Declares the Fed Dead — Says Bitcoin Is the Future
• Warren Buffett’s Big Goodbye — And What It Means for Crypto