According to BlockBeats, CryptoQuant founder and CEO Ki Young Ju recently expressed on the X platform that the Bitcoin cycle theory is no longer valid. He explained that his previous predictions were based on this theory, which suggested buying when whales accumulate and selling when retail investors enter the market. However, this pattern has now changed.
In the last cycle, whales sold their holdings to retail investors. This time, older whales have sold to new long-term holders. The scale of institutional investment has exceeded expectations, rendering trading less significant as the number of holders now surpasses traders. Ju admitted to overlooking this structural change when assessing the end of the bull market.
