Deep Tide TechFlow News, on May 9, CryptoQuant founder Ki Young Ju stated that the Bitcoin market has shifted from a traditional whale and retail-dominated model to a more diversified structure. The participation of institutional investors such as ETFs and MicroStrategy, as well as government agencies, may render traditional market cycle theories no longer applicable. The new sources of liquidity are changing market dynamics, and institutional capital inflows may offset the pressure from whale sell-offs. It emphasizes that the current market is in a transitional phase of absorbing new liquidity.