Bitcoin’s latest weakness has renewed debate over whether price drops remain the main risk for the market. CryptoQuant founder Ki Young Ju said Bitcoin’s bigger danger may be long periods of market boredom, not a sudden crash. His comments came as BTC traded below key short-term support and traders shifted attention toward the $60,000 zone. The discussion also comes as Bitcoin network activity rises, while price momentum remains weak.
Bitcoin News: BTC Boredom Becomes a Market Risk
CryptoQuant founder Ki Young Ju revealed that Bitcoin can survive a sharp drawdown if investors still believe in the next major rally. However, he said a long sideways market could damage the story that keeps capital moving into Bitcoin. In his view, a bear market that drags on for years could weaken demand and reduce investor interest.
The analyst linked this risk to Michael Saylor’s Bitcoin strategy and the STRC structure tied to Strategy. He said the structure becomes more exposed when Bitcoin stops rising for a long period. A stagnant market could compress the MSTR premium and make capital raising more difficult.
Ki also said Bitcoin’s core asset has not changed much across cycles. What changes, he said, is the story that explains why BTC should keep moving higher. Earlier narratives included digital gold, freedom money, and institutional adoption.
Saylor’s Digital Credit Push Faces a Communication Test
Michael Saylor has continued to promote ideas around Bitcoin banking and digital credit. Ki said those themes may appeal to some financial institutions. Still, he said they may not be easy for ordinary investors to understand.
The analyst said Bitcoin may still attract large pools of capital over the long run. He also said more financial firms could enter the market. However, he argued that the sense of an inevitable new catalyst feels weaker than it did years ago.
Ki noted that two major past narratives have already played out. These were spot Bitcoin ETF approval and political support for Bitcoin as a strategic reserve asset. He said Bitcoin needs a new center of gravity that can bring long-term believers together again.
BTC Breaks Support as Traders Watch $60,000
Bitcoin’s price action has added pressure to the debate. BTC recently fell below the $63,800 support area, which had acted as a key base on shorter time frames. The move pushed Bitcoin below $63,000 and placed focus on the next major support zone near $60,000.
The breakdown also triggered a large derivatives reset. CoinGlass data cited in the market report showed more than $303 million in crypto liquidations over 24 hours. Long positions made up about $258 million of that total.
Spot Bitcoin ETF flows also weakened during the sell-off. Bitcoin ETFs saw net outflows of $216.48 million on June 17 and $389.50 million on June 18. The two-day total reached nearly $606 million.
Network Activity Rises Despite Price Weakness
Bitcoin’s network data gave a different signal from price action. CryptoQuant reported that Bitcoin’s network activity index reached its highest level of 2026. Daily transactions moved above 800,000, more than double the lows seen in 2025.
Bitcoin Activity | Source: CryptoQuant
The rise came mainly from small transfers. Transactions below 0.01 BTC now account for about 80% of daily Bitcoin transfers, compared with about 44% in 2023. CryptoQuant linked much of the increase to OP_RETURN-based protocols, including Runes, Ordinals, BRC-20 tokens, and data timestamping services.
The activity has also increased mempool congestion. CryptoQuant reported about 128,000 pending transactions, the highest level since late February 2025. The data shows that low-value protocol activity is taking more Bitcoin block space while the price stays under pressure.
