CryptoQuant founder Ki Young Ju stated that the biggest risk for Bitcoin at present is not a price collapse, but rather the boring market caused by long-term sideways trading that weakens investor confidence. This environment will affect the demand and institutional premium structure, putting pressure on Michael Saylor's STRC structure capital operation model. In the absence of upward narrative support, MicroStrategy's market premium may be compressed, leading to challenges in sustained financing and coin purchase strategies. The core driving force of each cycle of Bitcoin is the narrative update around the upward logic, and currently Bitcoin lacks a new narrative center with a unified market belief.
