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