Bitcoin’s market structure continues to send mixed signals as on-chain strength contrasts sharply with weakening institutional flows. CryptoQuant founder Ki Young Ju argues that Bitcoin cannot be classified as being in a bear market as long as capital continues to enter the network. He points to realized cap rising to above $1.1 trillion, a new all-time high, even as spot price pressure intensifies.
Bitcoin is not a bear market as long as capital flows in. pic.twitter.com/4DDGcDSEmS
— Ki Young Ju (@ki_young_ju) November 14, 2025
The chart referenced in his commentary places Bitcoin near $96,000, a level still far above previous cycle peaks. Moreover, the widening gap between realized cap and the spot drawdown signals accumulation by larger entities.
Institutional Outflows Accelerate
Investor behavior within spot Bitcoin ETFs paints a different picture. Institutional demand has weakened significantly, with $622.70 million in outflows recorded so far this week. Thursday alone saw $869.86 million exit the ecosystem, marking the largest single-day withdrawal since late February. The data reflects a third straight week of net outflows, a reversal from the strong inflow cycle seen earlier in the year.
The trend follows a sharp decline in momentum indicators. CryptoQuant’s Bull Score Index has fallen from 80 on October 6, when Bitcoin hit a $126,000 record, to just 20 as of Thursday. The index first turned bearish on October 10, coinciding with Bitcoin’s close at $113,000 and the fallout from the “Big Liquidation” event.
Financial Entities Remain Bullish
Nonetheless, forecasts for Bitcoin’s next move remain highly polarized. JPMorgan’s analysts maintain a moderately bullish stance, estimating that BTC could climb toward $170,000 within six to twelve months as leverage resets and volatility relative to gold stabilizes.
They point to structural inflows seen earlier in the cycle and reduced speculative excess as factors that could support a recovery.
Meanwhile, Strategy executive chair Michael Saylor projects a more aggressive path. He expects Bitcoin to reach $150,000 by year-end, arguing that institutional accumulation and global demand will continue to strengthen despite current turbulence. His longer-term projections extend far beyond the typical analyst range, targeting $1 million within eight years and potentially $20 million over extended time horizons.
Bitcoin Rebounds Above $96,000
In the meantime, Bitcoin has bounced slightly from the $94,000 level it plunged to earlier today. The drop followed reports that Strategy was offloading its Bitcoin holdings after several blockchain trackers showed the company moving funds across multiple wallets.
However, Saylor dismissed the rumors, stressing that the company remains bullish on BTC and will continue accumulating the leading asset. His clarification helped restore investor confidence, lifting Bitcoin back above $96,000. At press time, Bitcoin is trading at $96,565, though it remains down 3.8% over the past 24 hours.
The CoinRemark Team
Evans Kelvin
