PANews reported on June 4th that CryptoQuant CEO Ki Young Ju stated in an article on the X platform that the sell-off by Bitcoin OG whales and long-term miners is essentially a large-scale transfer of holdings to traditional US financial institutions, investors, and ETFs. He believes that the ultimate value of an asset depends on who holds it. If the buyers are entities that can provide greater liquidity, the next round of price increases could arrive at any time. Traditional financial institutions may provide a stronger demand base than OG whales, although this may dilute cypherpunk values. Ki Young Ju expressed regret over this, but still believes that Bitcoin will have another upward cycle, which is worth waiting for.