According to BlockBeats news, on May 9, CryptoQuant founder Ki Young Ju stated that his judgment two months ago about the end of the BTC bull market was incorrect. Current on-chain data shows that BTC selling pressure is easing, and large-scale inflows of institutional funds, such as ETFs, are 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 judge the cycle tops; however, now with the participation of ETFs, MicroStrategy, institutions, and government entities, the traditional logic of 'whales selling causing a top' is becoming ineffective. Ki emphasized that in the new environment, more attention should be paid to the influx of institutional incremental funds, rather than the old selling pressure signals.
