Odaily News Ki Young Ju, founder of CryptoQuant, said in a post that his judgment two months ago that the BTC bull market was over was wrong. Current on-chain data shows that BTC selling pressure is easing, and at the same time, large-scale inflows of institutional funds such as ETFs are driving changes in market structure. He pointed out that in the past, the Bitcoin market was mainly composed of old whales, miners and retail investors, and the top of the cycle was easier to judge; but now with the participation of ETFs, MicroStrategy, institutions and government entities, the traditional logic of "whale shipments triggering the top" is failing. Ki emphasized that in the new environment, more attention should be paid to the incremental institutional funds flowing in, rather than the old selling pressure signals.