#CryptoComeback CryptoQuant CEO admits he was wrong to call the Bitcoin bull market over two months ago. Since then, selling pressure has eased and ETF inflows have been increasing. He explained that the Bitcoin market used to be relatively simple, dominated by long-term whales, miners, and retail investors.

When retail liquidity dried up and whales took profits, it was easy to predict the cycle top. But now, the market has become more diversified with the participation of ETFs, MicroStrategy, financial institutions, and even government agencies. The traditional profit-taking cycle no longer holds true, as new liquidity from institutions and ETFs can overwhelm the selling pressure from whales.

He believes that the market is still slowly absorbing new money, with many indicators still in the doldrums, with no clear uptrend or downtrend. Despite the recent positive price action, he is talking about a profit-taking cycle.

Ultimately, he asserted that on-chain data is still valuable despite his previous wrong predictions, and promised to provide better quality analysis in the future.