The CEO of digital assets analytics platform CryptoQuant, Ki Young Ju, is changing his bearish stance on Bitcoin (BTC).

Ki Young Ju tells his 421,400 followers on the social media platform X that he was “wrong” to claim that the Bitcoin “bull cycle was over” after the flagship crypto asset fell below $80,000 around two months ago.

The CryptoQuant CEO says the selling pressure on BTC is now easing amid “massive inflows” spurred by the Bitcoin spot exchange-traded funds (ETFs).

“In the past, the Bitcoin market was pretty simple. The main players were old whales, miners, and new retail investors, basically passing the bag to each other. When retail liquidity dried up and old whales started cashing out, it was relatively easy to predict the cycle peak. It was like a game of musical chairs – everyone tried to cash out at once, and those who didn’t ended up stuck with their holdings.

But now, the Bitcoin market has become much more diverse. ETFs, MicroStrategy (MSTR), institutional investors, and even government agencies are considering buying and selling Bitcoin. In the past, profit-taking cycles were triggered when whales cashed out at the peak, leading to a chain reaction of sell-offs and a price drop.”

According to Ki Young Ju, the growing acceptance of Bitcoin in the mainstream investing industry is disrupting the traditional cycles of the flagship crypto asset.

“However, it feels like it’s time to throw out that cycle theory. New liquidity sources and volume are becoming more uncertain, signaling a transition as the Bitcoin market merges with traditional finance (TradFi). Now, instead of worrying about old whales selling, it’s more important to focus on how much new liquidity is coming from institutions and ETFs since this new influx can outweigh even strong whale sell-offs.”

Bitcoin is trading at $103,346 at time of writing.

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