CryptoQuant founder: The biggest risk for Bitcoin is not a collapse, but rather a 'boring market' that undermines confidence BlockBeats News: On June 19th, CryptoQuant founder Ki Young Ju posted on social media that the biggest risk facing Bitcoin currently is not a significant price drop, but the "boring market" caused by long-term sideways trading. He believes that in this environment, even without a significant pullback, it may gradually weaken market narratives and investor confidence, thereby affecting demand and institutional premium structures. He further stated that the real pressure on the capital operation model represented by Michael Saylor's STRC structure does not come from short-term declines, but from long-term stagnant market conditions. In the absence of upward story support, the market premium of MicroStrategy (MSTR) may be compressed, posing greater challenges to sustained financing and coin buying strategies. He emphasized that the core driving force behind every cycle of Bitcoin is always a narrative update centered around the "upward logic" rather than just price performance. Its review states that in the past decade, Bitcoin has achieved key narratives such as ETF approval, institutional entry, and "strategic reserve assets," but the original "free currency" and "cypherpunk vision" are being diluted. He believes that although the long-term trend of capital inflows still holds, Bitcoin currently lacks a new narrative center that can unify market beliefs, which may become a key variable in the next stage of the market. [Original link]