#CryptoComeback The CEO of CryptoQuant admits he was wrong to believe that the Bitcoin market had ended its bull run over two months ago. Since then, selling pressure has eased and ETF inflows have increased. He explains that the Bitcoin market was previously quite simple, primarily dominated by long-term whales, miners, and retail investors.

When retail liquidity dried up and whales took profits, predicting the peak of the cycle was easy. But now, the market has become more diverse with the participation of ETFs, MicroStrategy, financial institutions, and even government agencies. The traditional profit-taking cycles are no longer accurate, as new money from institutions and ETFs can overwhelm selling pressure from whales.

He believes the market is still slowly absorbing new money, with many indicators still in a bleak state, showing no clear upward or downward trend. Despite recent positive price action, he is still talking about a profit-taking cycle.

Ultimately, he asserts that on-chain data remains valuable despite his previous incorrect predictions, and he promises to provide better quality analysis in the future.