According to online reports, CryptoQuant founder Ki Young Ju issued an article saying that the cyclical theory that Bitcoin "buys when whales hoard and sells when retail investors enter the market" is no longer applicable. In the previous cycle, whales would sell chips to retail investors, but now it is old whales who sell chips to new long-term whales. Institutional participation far exceeds expectations and the number of holders has exceeded traders. Ki Young Ju apologized for the previous misjudgment of the "end of the bull market cycle" and said he would be more cautious in the future and focus on data-driven analysis.