[CryptoQuant CEO: The Current Decline is Mainly Due to Old Whales Changing Hands, While New Institutional Inflows Remain Strong] Odaily Planet Daily News – CryptoQuant CEO Ki Young Ju posted on the X platform, stating that the current market correction is primarily driven by the transfer of holdings among long-term holders. Early Bitcoin holders are selling their positions to traditional financial institutions, which also tend to hold for the long term. He recalled that the reason for predicting the phase top earlier this year was due to 'OG whales' selling off significantly at the time, but the current market structure has changed. He pointed out that ETFs, MicroStrategy, and various new funding channels continue to bring incremental liquidity, and on-chain capital inflows remain strong. This round of correction is mainly caused by early whales pulling the market down. He emphasized that as sovereign wealth funds, pensions, multi-asset funds, and corporate treasuries continue to allocate, Bitcoin's liquidity channels will further expand. Under the continuous operation of these funding channels, traditional cycle theories are no longer applicable.