CryptoQuant Founder: The Structure of the Bitcoin Market Has Fundamentally Changed, and the Market is in a Transition Phase

ChainCatcher reports that Ki Young Ju, the founder of CryptoQuant, has pointed out that the Bitcoin market has shifted from a traditional whale and retail-dominated model to a more diversified structure. The involvement of institutional investors such as ETFs, MicroStrategy, and government agencies suggests that traditional market cycle theories may no longer apply. New sources of liquidity are changing market dynamics, and institutional inflows may offset the pressure from whale sell-offs. He emphasized that the current market is in a transitional phase of absorbing new liquidity.