According to Deep Tide TechFlow, CryptoQuant founder Ki Young Ju pointed out that the Bitcoin market has shifted from a traditional whale and retail investor-dominated model to a diversified structure. The participation of institutional investors and government agencies such as ETFs and MicroStrategy may render traditional market cycle theories inapplicable.
New sources of liquidity are changing market dynamics, and institutional capital inflows may offset the pressure from whale sell-offs. The current market is in a transitional phase of absorbing new liquidity.
