CryptoQuant founder: Previous judgment that bull market is over was wrong, ETF inflows are reshaping market logic

Odaily Planet Daily News: CryptoQuant founder Ki Young Ju stated in an article that his judgment of the end of the BTC bull market two months ago was wrong. The current on chain data shows that BTC selling pressure is easing, while large-scale inflows of funds from institutions such as ETFs are driving changes in market structure. He pointed out that in the past, the Bitcoin market was mainly composed of veteran whales, miners, and retail investors, and the top of the cycle was relatively easy to determine; Now, with the participation of ETFs, MicroStrategy, institutions, and government entities, the traditional logic of "whale shipments triggering the top" is becoming ineffective. Ki emphasized that in the new environment, more attention should be paid to the inflow of institutional incremental funds, rather than the old selling pressure signals.