CryptoQuant CEO Ki Young Ju suggests the recent crypto downturn isn't a bear market signal, but rather a shift in ownership. According to his X analysis, long-term Bitcoin holders (OG whales) are selling their holdings to traditional finance entities. Ki Young Ju notes the emergence of new players like spot ETFs and institutional strategies, creating fresh liquidity channels. Pension funds, treasury bonds, multi-asset funds, and corporate bonds are increasingly involved, reshaping market dynamics. He argues that traditional "cycle theory" might not apply until these new channels weaken. This handover signifies growing institutional adoption of Bitcoin, transitioning from early adopters to established financial institutions. This shift could stabilize the market in the long term, reducing volatility associated with individual whale movements. ```