Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, stated in a post on X that the recent selling pressure from Bitcoin's OG whales and long-term miners does not signal a bearish outlook. Instead, he described it as a massive transfer of Bitcoin holdings to US traditional financial institutions, investors, and Bitcoin spot ETFs.
According to Ki, the ultimate value of an asset is determined by its holders. If the entities acquiring the Bitcoin are those that can bring greater liquidity, the next upward rally could happen at any time. He noted that traditional financial institutions and ETFs may provide a stronger demand base compared to OG whales, potentially offering more solid support for Bitcoin's price. However, he also acknowledged that this shift could dilute the cypherpunk values originally cherished by Bitcoin's early community.
Ki Young Ju expressed regret over the cultural dilution but maintained his conviction that Bitcoin will experience another bullish cycle, making it worthwhile for investors to stay patient. As a prominent figure in on-chain data analysis, his commentary provides a lens through which to interpret the current movements of large Bitcoin holders.