Jukyung, CEO of CryptoQuant, has revised his earlier assessment of the Bitcoin market. Two months ago, he believed the bull cycle was over, but now acknowledges being incorrect. His revised outlook centers on the evolving dynamics of the Bitcoin market, driven by significant institutional investment. According to Jukyung, the traditional market cycle analysis, focused on whales and individual investors, is becoming obsolete. The influx of capital from ETFs, institutional strategies, and potentially even governments, represents a new paradigm. These new liquidity sources are overshadowing the selling pressure from existing whales. Jukyung emphasizes that the focus should shift to monitoring institutional and ETF fund inflows. While he acknowledges that the market is still sluggish in absorbing this new liquidity, and most indicators remain borderline, he believes that institutional investment will be the main price driver. He also cautions against dismissing on-chain data entirely. ```

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