Bitcoin as a store of income has entered the ‘boring’ side stage

Ki Young Joo's vision challenges both crash narratives and fast-bull expectations, instead showing a long period of low-key happiness.

Bitcoin (BTC) earnings have dried up, according to CryptoQuant CEO Ki Young Joo, who said the market is likely heading into several months of flat, uneven price action.

His comments are important because they challenge both fears of a crash and recent bullish speculation that Bitcoin will trade below key recovery levels after volatility ends in 2025.

Capital rotation replaces the old Bitcoin cycle.

Writing on X, Ki noted that fresh capital is not flowing into Bitcoin in a meaningful way. Instead, his money turned to stocks and commodities, which he called “stocks and shiny rocks.” It has been argued that this shift, coupled with market structural changes, has made inflows significantly less important than in previous cycles.

According to Kee, the traditional pattern of selling large holdings to retail demand has weakened. Long-term institutional ownership has changed the nature of supply, and negated the fear that major corporate owners will suddenly flood the market with coins. He pointed to the strategy's 673,000 BTC reserves, which the firm is unlikely to sell a meaningful portion of.

As a result, Ki said, a deep decline similar to previous bear markets seems unlikely. Rather than a sharp decline from an all-time high, he expects price action in what he describes as “boring sideways” over the next few months. He added a clear warning to traders who play on the sudden collapse.

“You're hoping for a short nuke here? Good luck with that.”

Not everyone agreed. A response from X-User Insider's issue of the small investors expressed frustration, saying they were “very disappointed” and questioned whether a bull market was coming. Ki responded by asking for patience, comparing it to something that improves over time rather than making quick assumptions.

Data on the chain is slow and supports the grinding level

A recent report by analyst CryptoZeno gives context to Key's view. According to them, Bitcoin's Net Unrealized Profit/Loss sits near the 0.3 level, a zone often used as a buffer zone between recovery and renewed risk-aversion. The reading suggests that average owners are back to modest gains, but nowhere near the levels seen of late in previous cycles.

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Glassnode echoed that view in its weekly on-chain report released on January 7, describing the major cryptocurrency heading into 2026 with a “clean market structure” after a major reset. Profit taking has slowed, derivatives positions have cleared, and spot ETF flows in the US have turned positive again, albeit still unevenly.

However, other market watchers remain divided. For example, Bitwise CIO Matt Hougan believes BTC's 2026 recovery could continue if regulatory uncertainty eases in Washington and equity markets avoid higher downside. Meanwhile, more cautious voices, such as fake doctor profits, see lower price risks later this year, albeit limited in the short term.