TechFlame reports that Ki Young Ju, founder of CryptoQuant, wrote that the cyclical theory of “buying when whales stock up and selling when retail investors enter the market” is no longer applicable. In the previous cycle, whales sold chips to retail investors, but now old whales are selling to new long-term whales. Institutional participation has far exceeded expectations, and the number of holders has already surpassed traders. Ki Young Ju apologized for the previous misjudgment on the “end of the bull market cycle” and said that in the future, he will be more careful and focus on data-driven analysis.