CryptoQuant founder and CEO Ki Young Ju posted on the X platform that the inflow of funds into Bitcoin has dried up. Nowadays, the market liquidity channels are becoming more diverse, making it meaningless to predict the timing of fund inflows. The long-term holding pattern of institutional investors has completely broken the old cycle of "large funds selling off — retail investors following suit and exiting." MicroStrategy has also not reduced any significant portion of its 673,000 Bitcoins held.

Funds have simply shifted to targets such as the stock market and gold. I believe the market will no longer repeat the kind of crash over 50% from historical highs seen in past bear markets; the coming months are most likely to see a calm sideways trend.