The peak of bitcoin's current bull cycle could be driven by institutional capital and exchange-traded funds (ETFs) outside the United States, according to Ki Young Ju, founder and CEO of Cryptoquant, a cryptocurrency market analytics platform.
Ju identified international market access as a potential source of demand following the expansion of regulated bitcoin products in the U.S. market. The U.S. Securities and Exchange Commission approved spot bitcoin exchange-traded products in January 2024, enabling investors to gain exposure through conventional brokerage accounts.
Barriers to Global Access
Ju pointed to South Korea as an example of barriers that remain outside the United States. The country currently lacks a spot bitcoin ETF, retail investors cannot purchase foreign-listed spot bitcoin ETFs, and most companies cannot open exchange accounts to purchase bitcoin. South Korea has begun allowing corporate participation in phases, with a Financial Services Commission roadmap outlining participation for approximately 3,500 listed companies and qualified professional investors.
Infrastructure for Broader Adoption
Institutional adoption extends beyond direct bitcoin purchases and spot ETF holdings. A Bitcoin Banking Adoption Index assessing 25 major institutions across trading, custody, digital asset products, and financing placed overall institutional adoption at 32%, indicating substantial room for expansion.
Tokenized real-world assets (RWAs) could provide additional infrastructure supporting wider adoption. As of August 29, the global tokenized RWA market showed distributed asset value at $38.63 billion, up 2.65% from 30 days earlier. These products move claims on assets including government securities and private credit onto blockchain-based systems.
Stablecoin Liquidity and Market Expansion
Deeper stablecoin markets could provide institutions with greater liquidity for trading, settlement, and cross-border transfers as regulated access expands globally. The Bank for International Settlements noted that stablecoins demonstrate potential for faster, programmable payments, though it warned that current designs can create financial integrity, liquidity, and monetary risks.
U.S. bitcoin spot funds accumulated approximately $57 billion in net inflows during their first two years of operation. Ju expects both investment access and supporting infrastructure to spread beyond the U.S. market, with more institutions holding bitcoin as a strategic asset and access improving in countries that currently lack ETFs.
