Many analysts evaluate the market valuation using various indicators, including the buy recommendation, but in fact, when looking at such indicators, the Bitcoin market is not yet overheated.
Joo Gi-young, CEO of CryptoQuant, noted during his keynote speech at the '2025 Virtual Assets Conference' held on the morning of the 16th at the Grand Ballroom of the Westin Chosun Hotel in Jung-gu, Seoul, that "through blockchain, it is possible to grasp the supply and demand of global financial markets every 15 seconds, which is unprecedented in human history."
He said, "There is no other asset that can indicate how much capital has entered and exited an asset market," adding, "However, since all buy and sell transactions are recorded on the blockchain network, it can be calculated." He continued, "Looking at the increase in Bitcoin's market capitalization last year, it was 544 trillion won, and we can analyze where that capital came from and break it down one by one."
He elaborated, "In a world where all transactions and financial statistics are transparently disclosed in real-time, there is no need for predictions or estimations," stating that "the on-chain data on blockchain will lead current primitive financial analysis into the realm of science."
He also stated, "Given that this amount of money has entered the market, we can analyze that this is the ceiling, and looking at the total capital that has entered the market, the ceiling price of Bitcoin can be calculated at $161,000," adding, "In conclusion, it seems we are in the midst of a bullish phase, influenced by the fact that individual investors have gathered less than expected on exchanges."
On this day, he described the Korean virtual asset market as "the land of altcoins." He mentioned, "In Korea, 97% of the trading volume is in altcoins, which is entirely due to individual investor transactions rather than institutional ones," and emphasized that "after institutional restructuring, our country should also open the door for institutions to enter the Bitcoin market, as that would provide us the opportunity to grow as a leader in the Bitcoin era."