CryptoQuant CEO: Bitcoin cycle theory no longer applies amid institutional shift

CryptoQuant CEO Ki Young Ju stated on X that traditional Bitcoin cycle theory—based on whale accumulation and retail exits—no longer holds. He noted a structural shift where old whales are now selling to new long-term holders, particularly institutions, suggesting institutional adoption is deeper than expected. Ju admitted his prior market prediction was mistaken and pledged to focus on more data-driven insights going forward.