CryptoQuant CEO Ki Young Ju stated that the current market correction is mainly due to turnover among long-term holders, with early Bitcoin holders selling their chips to traditional financial institutions, which also tend to hold long-term. He recalled that the reason for predicting the phase top earlier this year was because "OG whales" were significantly selling at that time, but the current market structure has changed.

He pointed out that ETFs, MicroStrategy, and various new capital channels continue to bring incremental liquidity, on-chain capital inflows remain strong, and this round of correction is mainly caused by early whales dragging the market down. He emphasized that as sovereign funds, pension funds, multi-asset funds, and corporate treasuries continue to deploy, Bitcoin's liquidity channels will further expand, and under the continuous operation of these capital channels, traditional cycle theories are no longer applicable.