TechFlow News, January 26 — CryptoQuant CEO Ki Young Ju posted that the market is currently at the early stage of the late bull phase, and Trump's global influence could extend the bull market for several more quarters.
Different from the traditional Bitcoin distribution pattern of "retail investors → whales," this cycle shows a shift from "retail (natives) + whales (natives)" to "retail (Paper Bitcoins) + whales (institutions)." Native players leave on-chain footprints through on-chain activity and cryptocurrency exchanges, while Paper Bitcoins (ETFs, company stocks) leave on-chain traces at custodial wallets upon settlement.
Ki Young Ju expects the final phase will evolve into a distribution pattern of "retail (natives) + whales (natives) + whales (institutions) → retail (Paper Bitcoins)," a process that may complete within this year. He advises investors not to turn bearish too early.
