Jan3 CEO Samson Mow revealed that the much-anticipated Bitcoin bull run hasn’t started yet, despite Bitcoin ($BTC) stabilizing above $34,000 in early November 2025. While analysts track rising inflows and trading volumes, Mow’s claim about the Bitcoin bull run hasn’t started yet leaves investors questioning the prevailing optimism.
Bitcoin Price Holds $34,250 as Jan3’s Mow Delays Bull Run Call
Bitcoin ($BTC) trades at $34,250, nearly flat month-to-date as of November 6, 2025, after a modest 7.8% rally from $31,780 on October 1 (CoinMarketCap data). Jan3 CEO Samson Mow, a prominent Bitcoin advocate, publicly stated in a market livestream that, “the euphoria and parabolic moves typical of a bull run are simply absent right now.” Blockchain data shows daily spot trading volumes on major exchanges remain subdued at $24 billion, well below the $60 billion peaks seen during the 2021 rally (CryptoCompare, October 2025). While open interest on Bitcoin futures at CME Group ($CME) rose to $5.7 billion, it has yet to reach previous cycle highs, reinforcing Mow’s cautious stance.
Why Bitcoin’s Market Sentiment Differs From Previous Rallies
The broader cryptocurrency market echoes this cautious tone, with the total crypto market capitalization stabilizing near $1.33 trillion, an 11% increase year-to-date but still well under the $2.8 trillion all-time high of November 2021 (TradingView data). This muted recovery is partly attributed to macroeconomic headwinds, notably the Federal Reserve maintaining higher interest rates at 5.5% since July 2025. Risk appetite among institutional investors remains dampened as regulatory uncertainty around U.S. Bitcoin ETF approvals persists, with the Securities and Exchange Commission delaying final decisions into Q1 2026. Industry reports from Glassnode highlight low on-chain activity growth, suggesting that long-term holders are not yet entering full accumulation mode seen in past bull runs.
How Investors Can Position Portfolios Before the Next Bitcoin Rally
Investors seeking exposure to Bitcoin should carefully assess portfolio allocations given the current consolidation phase. Long-term holders may find opportunities to build positions during relative price stability, while traders could capitalize on volatility within the $32,000–$36,000 range. Sectors with higher beta, such as altcoins and blockchain equities, continue to underperform Bitcoin, showing an average year-to-date gain of just 3.2% (Messari sector analysis, October 2025). As the Bitcoin bull run hasn’t started yet, investors may benefit from monitoring developments in ETF regulatory decisions and macroeconomic shifts signaling increased market risk appetite. For more in-depth coverage, see recent cryptocurrency market trends and our investment strategy hub. Traditional asset holders should also diversify to manage volatility as digital assets reprice in accordance with global economic shifts.
What Institutional Analysts Expect for Bitcoin’s Near-Term Trajectory
Industry analysts observe that the current Bitcoin rally lacks the FOMO-driven inflows typical of past cycles, with market participation dominated by existing holders and measured institutional re-entry. According to a Fidelity Digital Assets report published in September 2025, renewed upside momentum could depend on regulatory clarity and broader macro tailwinds. Market consensus suggests that a decisive Bitcoin bull market will require sustained on-chain activity increases, stronger ETF inflows, and higher volume breakouts above $38,000—none of which are confirmed as of early November.
Bitcoin Bull Run Hasn’t Started Yet: What to Watch for in Late 2025
Jan3’s Samson Mow has prompted investors to stay patient, emphasizing that the Bitcoin bull run hasn’t started yet. As the final months of 2025 approach, watch for signals like rising spot ETF approvals, surging trading volume above $40 billion per day, and renewed large-scale accumulation to confirm a real bull market breakout. Until those catalysts materialize, disciplined positioning and ongoing vigilance are key for investors seeking exposure to digital assets.
Tags: Bitcoin, BTC, crypto, Samson Mow, Jan3
