According to TechFlow, CryptoQuant founder Ki Young Ju pointed out that the Bitcoin market has changed from the traditional whale and retail-dominated model to a diversified structure. The participation of institutional investors such as ETFs and MicroStrategy and government agencies may make the traditional market cycle theory no longer applicable.
New sources of liquidity are changing market dynamics, and institutional inflows may offset the pressure from whale selling. The market is currently in a transitional phase of absorbing new liquidity.
