Analyst sees slower Bitcoin climb instead of blow-off top this cycle

Crypto influencer and former FTX community partner Benson Sun said the current Bitcoin market cycle may show a gradual bullish trend with successive record highs, rather than the kind of sharp surge and clear peak seen in 2013 and 2017. Sun said Bitcoin’s main buyers have shifted since 2021 from retail investors to institutions such as listed companies, spot ETFs, and corporations. As those institutions mainly buy spot holdings and some use delta-neutral strategies, Sun said traditional indicators such as funding rates and the MVRV Z-Score may not rise to extreme levels even at this cycle’s peak. Sun added the top in this cycle is more likely to emerge when additional institutional inflows begin to weaken, rather than when retail investor sentiment overheats.