This dip is just long-term holders rotating among themselves. Old Bitcoiners are selling to tradfi players, who will also hold for the long run. The reason I predicted the top early this year is that OG whales were dumping hard. But the market structure has changed. ETFs, MSTR, and other new channels kept injecting fresh liquidity. Onchain inflows are still strong. This dip is basically OG whales dragging the market. Now sovereign funds, pension funds, multi-asset funds, and corporate treasuries are building even bigger liquidity channels. The cycle theory is dead until these liquidity channels stop running.(Ki Young Ju)