CryptoQuant CEO: This round of decline was mainly due to the turnover of established whales, while the inflow of new institutions remains strong.

According to Odaily Planet Daily, CryptoQuant CEO Ki Young Ju stated in an article on the X platform that the current market correction is mainly due to a change of hands among long-term holders. Early Bitcoin holders are selling their holdings to traditional financial institutions, which also tend to hold for the long term. He recalled that the reason he predicted a temporary top earlier this year was because "OG whales" were selling off heavily at the time, but the market structure has now changed.

He pointed out that ETFs, MicroStrategy, and various new funding channels continue to bring incremental liquidity, and on-chain fund inflows remain strong. This round of correction was mainly due to early whales dragging down the market. He emphasized that as sovereign wealth funds, pension funds, multi-asset funds, and corporate treasuries continue to deploy, Bitcoin's liquidity channels will further expand. With these funding channels operating continuously, traditional cycle theories are no longer applicable.