CryptoQuant CEO: Recent BTC dip is a rotation of supply between whales

CryptoQuant CEO Ki Young Ju analyzed in a post on X that the recent market downturn is essentially a rotation of supply among long-term holders. He stated that existing Bitcoin holders are selling their supply to traditional finance players, who are expected to hold the assets for the long term. Ju noted that he had predicted the market top earlier this year because old-guard whales were engaged in a large-scale sell-off. However, he argued that the market structure has now changed, with new players like Strategy and spot ETFs providing fresh liquidity. Ju emphasized that pension funds, sovereign wealth funds, multi-asset funds, and corporate bonds are now building even larger liquidity channels, rendering traditional 'cycle theory' ineffective until these channels cease to function.