According to online reports, CryptoQuant founder and CEO Ki Young Ju said that although he predicted the end of the Bitcoin bull market cycle two months ago, this judgment is wrong at present. He pointed out that selling pressure in the Bitcoin market is easing, while large inflows of ETFs and institutional funds are changing the market landscape. He mentioned that in the past, the Bitcoin market was mainly dominated by established whales, miners and retail investors, and market fluctuations were easier to predict. But with the addition of ETFs, institutional investors and government agencies, the inflow of new funds has made the market more complex and unpredictable. In the past, profit cycles were usually triggered by whales cashing in at highs, but today's liquidity from institutions and ETFs may offset whale selling. Ki Young Ju believes that the market is still absorbing new liquidity and there has been no obvious bull market or bear market signal. He emphasized that on-chain data is still important, but the analysis perspective may vary from person to person.