CryptoQuant CEO: This round of fall is mainly due to the turnover of veteran Whales, while new institutional inflows remain strong.

Odaily News CryptoQuant CEO Ki Young Ju posted on the X platform, stating that the current market pullback is mainly due to the turnover among long-term holders. Early Bitcoin holders are selling their chips to Financial Institutions, which also tend to hold long-term. He recalled that the reason for predicting the stage top earlier this year was because “OG Whales” were heavily selling at that time, but the current market structure has changed. He pointed out that ETF, MicroStrategy, and various new funding channels continue to bring incremental liquidity, with on-chain capital inflows still strong. This round of pullback is mainly due to early Whales pulling down the market. He emphasized that as sovereign funds, pension funds, multi-asset funds, and corporate treasuries continue to position, the liquidity channels for Bitcoin will further expand. In the context of these funding channels continuing to operate, traditional cycle theories are no longer applicable.