Ki Young Ju, founder and CEO of CryptoQuant, recently highlighted a significant shift in the Bitcoin market dynamics. In a statement on July 25 via the X platform, he acknowledged that the traditional Bitcoin cycle theory—which guided investment strategies based on whale accumulation and retail investor activity—has lost its predictive power. Historically, market cycles were driven by whales offloading coins to retail participants, but the current phase reveals a different trend where veteran whales are transferring holdings to new, long-term investors.
This evolution underscores a substantial increase in institutional investment, surpassing previous market expectations and fundamentally altering trading behaviors. The rise in the number of holders relative to active traders suggests a maturing market with reduced speculative volatility. Ki Young Ju admitted that this structural transformation was not fully accounted for in his earlier market forecasts, signaling a need for revised analytical frameworks in assessing the bull market lifecycle.