The Bitcoin market is undergoing a significant transformation. According to recent reports, Ki Young Ju, the founder of CryptoQuant, recently made a thought-provoking point, stating that traditional Bitcoin investment theories are no longer applicable to the current market.

In the past, investors generally followed the strategy of 'buying when whales accumulate and selling when retail investors enter the market.' However, Ki Young Ju pointed out that this cyclical pattern has been broken. The current market presents a new dynamic: established large holders (commonly known as 'whales') are reselling their holdings of Bit to emerging long-term investors.

It is worth noting that the level of participation from institutional investors has far exceeded market expectations. This trend has led to a significant increase in the number of Bitcoin holders, even surpassing the number of active traders. This phenomenon indicates that an increasing number of investors prefer to hold Bitcoin for the long term rather than engage in frequent trading.

Ki Young Ju publicly apologized for his previous incorrect judgment about the 'end of the bull market cycle'. He admitted to having overlooked certain aspects while analyzing the market and stated that he would adopt a more cautious approach in the future, focusing on data-driven analysis methods.

This shift in perspective not only reflects the complexity of the Bitcoin market but also highlights the importance of maintaining an open and self-correcting attitude in the rapidly changing cryptocurrency landscape. With the continued influx of institutional investors and the emergence of new market dynamics, Bitcoin investment strategies may require further adjustments and innovations.