CryptoQuant founder: Bitcoin cycle theory is no longer valid

According to a report by Golden Finance, CryptoQuant founder Ki Young Ju stated in a post that the cyclical theory of "buying when whales hoard and selling when retail investors enter" is no longer applicable to Bitcoin. In the previous cycle, whales would sell their chips to retail investors, but now it is old whales selling to new long-term whales, with institutional participation far exceeding expectations and a larger number of holders than traders. Ki Young Ju apologizes for his previous misjudgment of the end of the bull market cycle and states that he will be more cautious in the future, focusing on data-driven analysis.