CryptoQuant CEO: BTC's biggest risk is boredom, not a crash

Ki Young Ju, CEO of CryptoQuant, argued that the greatest risk to Bitcoin is not a market crash but a prolonged period of sideways movement, stressing the need for a new narrative. He stated on X that while the market can endure sharp drops as long as there is faith in a future rally, a prolonged sideways trend erodes the narrative. He warned that if demand falls and the premium on MicroStrategy's (MSTR) stock shrinks, it would be difficult for the company to maintain its financing structure. Ki added that MicroStrategy founder Michael Saylor's real challenge is not buying more BTC, but giving the market a new reason to believe in it. He also noted that contrary to its "digital gold" narrative, Bitcoin has often behaved more like a tech stock. Ki concluded that while he still believes in BTC's long-term upward trend, a new focal point is needed to rally its supporters, some of whom have moved on to promoting other coins.