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CryptoQuant Founder: Bitcoin Cycle Theory is No Longer Applicable According to ChainCatcher, CryptoQuant founder Ki Young Ju stated that the cycle theory of "buying when whales are accumulating and selling when retail investors get on board" is no longer applicable. In previous cycles, whales would sell their positions to retail investors, but now, it is the old whales selling to new long-term whales, with institutional involvement far exceeding expectations and the number of holders surpassing that of traders. Ki Young Ju apologized for the previous misjudgment of the "end of the bull run cycle" and stated that he will be more cautious in the future, focusing on data-driven analysis.