Golden Finance reports that Ki Young Ju, the founder and CEO of CryptoQuant, stated that although he predicted the end of the Bitcoin bull run cycle two months ago, that judgment now appears to be incorrect. He noted that the selling pressure in the Bitcoin market is easing, while a large inflow of ETF and institutional funds is changing the market landscape.
He mentioned that in the past, the Bitcoin market was mainly dominated by established whales, miners, and retail investors, making market fluctuations relatively predictable. However, with the entry of ETFs, institutional investors, and government agencies, the influx of new funds has made the market more complex and harder to predict. Previous profit cycles were often triggered by whales cashing out at high points, but now the liquidity from institutions and ETFs may offset the impact of whale selling.
Ki Young Ju believes that the market is still absorbing new liquidity and has not yet shown clear signals of a bull run or bear market. He emphasizes that on-chain data is still important, but the analysis perspective may vary from person to person.
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