CryptoQuant Founder: Bull Market Top May Be Driven by Non-US Institutional Funds and ETFs

This observation reframes the bull-market peak as a function of global liquidity rather than US-dominated flows, which would mark a structural change in how crypto cycles are priced. If non-US institutional money and ETFs become the marginal buyers at the top, it suggests that on-chain and exchange data may need to weigh international capital sources more heavily. The key question is whether this shift is already visible in current fund flows or remains a forward-looking hypothesis, as it would alter expectations for how and where the next peak forms.