BlockBeats News, June 19th, CryptoQuant founder Ki Young Ju posted on social media, stating that the biggest risk Bitcoin is currently facing is not a sharp price drop, but the long-term consolidation leading to a "boring market." He believes that in this environment, even without a significant pullback, it may gradually weaken the market narrative and investor confidence, thus affecting demand and institutional premium structure.

He further mentioned that the capital operation model represented by Michael Saylor's related STRC structure is not truly pressured by short-term declines but by long-term stagnant market conditions. In the absence of a bullish story support, MicroStrategy's (MSTR) market premium may be squeezed, posing a greater challenge to its ongoing financing and bitcoin purchase strategy. He emphasized that the core driver of each Bitcoin cycle has always revolved around the narrative update of "bullish logic" rather than just price performance.

Looking back, he noted that over the past decade, Bitcoin has seen key narratives such as ETF approval, institutional inflow, and being a "strategic reserve asset," but the original narratives of "free money" and "cypherpunk vision" are being diluted. He believes that although the trend of long-term capital inflows remains valid, Bitcoin currently lacks a new narrative center strong enough to unify market belief, which could be a key variable for the next phase of the market.