Odaily Planet Daily News: CryptoQuant founder Ki Young Ju stated that his judgment about the end of the BTC bull market two months ago was incorrect. Current on-chain data shows that BTC selling pressure is easing, while institutional funds such as ETFs are flowing in on a large scale, driving changes in market structure. He pointed out that in the past, the Bitcoin market was mainly composed of established whales, miners, and retail investors, making it easier to identify market tops; however, now with the participation of ETFs, MicroStrategy, institutions, and government entities, the traditional logic of 'whales unloading causing a top' is becoming ineffective. Ki emphasized that in the new environment, more attention should be paid to the inflow of incremental institutional funds rather than the old selling pressure signals.