Bitcoin’s next big wave may not come from the U.S. The first phase of this cycle was heavily driven by U.S. spot ETFs and institutional demand. But CryptoQuant’s Ki Young Ju believes the next phase could come from global markets where access to Bitcoin ETFs is still limited. If more countries open the door to regulated $BTC exposure, banks, funds and new investors could add another layer of demand. With stablecoin liquidity and tokenized assets also growing, global institutional adoption may be the bigger story. Could global ETF access be the catalyst for the next BTC leg? #BTC Price Analysis#