CryptoQuant founder: Bitcoin OG and miner chips are shifting towards ETFs and institutions, firmly optimistic about the new round of BTC market According to a report by Golden Finance, Ki Young Ju, founder and CEO of CryptoQuant, stated in an article on X platform that he believes the early OGs and old miners selling Bitcoin are essentially a large-scale process of transferring chips from old holders to traditional financial institution investors and ETFs in the United States. Therefore, I do not agree with the view that "there will be no new liquidity entering after the turnover, and Bitcoin will not perform well again". No matter what asset it is, the ultimate key is' who is holding it '. If the current holder is the main entity that can bring greater capital inflows in the future, then the next round of upward movement may restart at any time. The same goes for enterprises, who is the major shareholder will directly affect market expectations. I don't think Bitcoin makes much difference either. To be honest, from the perspective of asset appreciation, traditional financial institution investors may even bring a stronger demand base than the Bitcoin OG community. Of course, in this process, the original Cypherpunk values of Bitcoin may be partially diluted, which is indeed regrettable. However, I still believe that Bitcoin will definitely have another upward cycle in the future. As an investor, I still believe in Bitcoin and think it's worth waiting for.