Ki Young Ju, CEO of CryptoQuant, declares the traditional Bitcoin cycle theory invalid due to shifts in market dynamics. Previously, market trends were predicted based on the activity of "whales" (large investors), but now whales primarily sell Bitcoin to new long-term holders rather than retail investors as before. Institutional participation has complicated trend predictions, with a trend of decreasing retail holdings and increasing institutional accumulation.
**Specific Evidence:**
1. **Shift in Whale Behavior:** According to Ju, whales no longer primarily sell to retail investors but to new long-term holders, indicating a shift in capital flow within the market.
2. **Increased Institutional Participation:** Institutions are accumulating more Bitcoin, evidenced by increased investments from large funds or companies, altering the market structure.
3. **Decline in Retail Holdings:** Analysts note a decrease in the proportion of Bitcoin held by individual investors, reflecting a transfer of control to institutions.
