CryptoQuant CEO: This round of decline is mainly due to the change of hands of established whales, and the inflow of new institutions remains strong

CryptoQuant CEO Ki Young Ju wrote that the current market correction is mainly due to the change of hands between long-term holders, and early bitcoin holders are selling their chips to traditional Financial Institutions Groups, which are also inclined to hold for the long term. He recalled that the top of the stage was judged early this year because the "OG whale" was selling off sharply 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 are still strong. This round of pullback is mainly due to early whales pulling down the market. He stressed that with the continuous deployment of sovereign funds, pensions, multi-asset funds, and corporate treasury, Bitcoin's liquidity channels will be further expanded. In the case of continuous operation of these funding channels, the traditional cycle theory is no longer applicable.