Odaily News Ki Young Ju, founder of CryptoQuant, posted on the X platform that the current market volatility is just a game in the futures market. The real whales are driving BTC up through spot trading and OTC markets. So on-chain data is crucial. Diamond hand whales have not received particularly high returns, and whales that entered the bull market recently have made almost no profit. They are unlikely to sell on trading platforms before liquidity from retail investors begins to flow in. In addition, new whale addresses are hoarding BTC almost crazily, and the BTC market has never seen such hoarding behavior. Some people believe that new whales are mainly caused by ETF inflows, but recent hoarding behavior shows that these new whale addresses have little correlation with ETFs.