CryptoQuant CEO: The recent decline is mainly due to the turnover of old whales, while new institutional inflows remain strong

CryptoQuant CEO Ki Young Ju posted on the X platform, stating that the current market correction is mainly due to the turnover among long-term holders. Early Bitcoin holders are selling their chips to traditional financial institutions, which also tend to hold long-term. He recalled that the reason for his earlier judgment of a stage top earlier this year was because "OG whales" were significantly selling off at that time, but the current market structure has changed.

He pointed out that ETFs, MicroStrategy, and various new funding channels continue to bring incremental liquidity, and on-chain capital inflows remain strong. This round of correction is primarily driven by early whales pulling down the market. He emphasized that as sovereign funds, pension funds, multi-asset funds, and corporate treasuries continue to position themselves, 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 In the context of these funding channels continuing to operate, traditional cycle theories are no longer applicable.