PANews reported on May 9 that Ki Young Ju, founder and CEO of CryptoQuant, said that although he had predicted the end of the Bitcoin bull market cycle two months ago, this judgment is wrong at present. He pointed out that the selling pressure in the Bitcoin market is easing, and the massive inflow of ETFs and institutional funds is changing the market landscape.

He mentioned that in the past, the Bitcoin market was mainly dominated by old whales, miners and retail investors, and market fluctuations were easy to predict. However, with the participation of ETFs, institutional investors and government agencies, the influx of new funds has made the market more complex and unpredictable. In the past, profit cycles were usually triggered by whales cashing out at high points, but now the liquidity of institutions and ETFs may offset the impact of whales' selling.

Ki Young Ju believes that the market is still absorbing new liquidity and no obvious bull or bear market signals have yet appeared. He emphasized that on-chain data is still important, but the analysis angle may vary from person to person.