Odaily News CryptoQuant founder Ki Young Ju stated that his judgment two months ago about the end of the BTC bull run was incorrect. Current on-chain data shows that BTC selling pressure is easing, while large-scale inflows of institutional funds like ETFs are changing the market structure. He pointed out that in the past, the Bitcoin market was mainly composed of veteran whales, miners, and retail investors, making it easier to identify the cycle top; however, now with the participation of ETFs, MicroStrategy, institutions, and government entities, the traditional logic of “whales dumping causing tops” is failing. Ki emphasized that in the new environment, more attention should be paid to the inflow of incremental institutional funds rather than the old selling pressure signals.
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