CryptoQuant CEO Ki Young Ju believes the Bitcoin bull run has only just begun — and that most of the market has yet to notice.

"Bitcoin bull run just started, but no one cares," the head of the on-chain analytics platform said in a post on X on September 23, 2026, in a comment highlighted by Cointelegraph.

TODAY: CryptoQuant CEO Ki Young Ju says, "Bitcoin bull run just started, but no one cares." pic.twitter.com/Go9T2Meu5v — Cointelegraph (@Cointelegraph) September 23, 2026

CryptoQuant provides on-chain analytics that track blockchain data such as exchange flows and holder behavior — metrics traders commonly reference when assessing how capital is positioned across the Bitcoin market. His statement adds to the ongoing debate over Bitcoin's current market cycle and whether a broader rally is developing. It suggests Ju sees Bitcoin entering the early stages of a wider upward cycle, even if investor enthusiasm has not yet caught up with that view.

Early Bull Market Dynamics

Bitcoin market cycles are closely watched by traders, with analysts relying on price action, on-chain activity, liquidity and investor behavior to identify potential transitions between bearish and bullish phases. Debate over where the market sits in its cycle has long been anchored to Bitcoin's halving schedule, which cuts the rate of new supply roughly every four years and has historically been associated with shifts in market phases. Ju's latest comment indicates that he views the current market structure as the start of a new bullish phase rather than the tail end of a recovery.

The idea that the bull run is only beginning could carry significant implications if the trend. Early stages of a bull market do not always come with extreme optimism. In some cases, stronger investor attention and broader market enthusiasm develop only after prices have already established an upward trend. Ju's remark that "no one cares" appears to highlight that gap between his bullish assessment and current investor attention.

The statement, however, represents Ju's market analysis rather than a guarantee of Bitcoin's future price direction. Crypto markets remain highly volatile, and bullish trends can face sharp corrections.

Market Cycle Back in Focus

Ju's comments put Bitcoin's market cycle back in the spotlight as traders look for signs that the cryptocurrency has entered a more sustained expansion phase. Market participants are likely to continue monitoring on-chain data, spot demand, ETF flows and long-term holder behavior for further confirmation, with ETF flows offering a window into institutional participation since spot Bitcoin funds were approved in the United States in January 2024. If these indicators strengthen alongside Bitcoin's price, they could provide additional support for the view that a broader bull market is developing.

For now, Ki Young Ju's message is clear: he believes the Bitcoin bull run is at its beginning, even if the wider market has yet to fully recognize it.