CryptoQuant Founder: Previous assessment of the end of the bull market was incorrect, ETF inflows are reshaping market dynamics

BlockBeats News, May 9th, CryptoQuant founder Ki Young Ju posted, stating that his judgment two months ago on the end of the BTC bull market was incorrect. Current on-chain data shows that BTC selling pressure is easing, while institutional funds such as ETFs are flowing in on a large scale, driving changes in the market structure.

He pointed out that in the past, the Bitcoin market was mainly composed of old-school whales, miners, and retail investors, making it relatively easy to determine the cycle top. However, now with the participation of ETFs, MicroStrategy, institutions, and government entities, the traditional "whale selling triggering the top" logic is becoming ineffective. Ki emphasized that in the new environment, more attention should be paid to incoming institutional incremental funds rather than old selling pressure signals.