Summary
- Ki Young Ju, CEO of CryptoQuant, issued an apology for the failed prediction regarding Bitcoin's price cycle.
- CEO Ju explained that the previous cycle theory is now obsolete, and that institutional investors and new long-term holders are now taking center stage instead of whales.
- He emphasized that the inflow of institutional investors is significant and, with more holders than traders, the role of traders has weakened.
Ki Young Ju, the CEO of CryptoQuant, who faced public criticism after predicting the end of Bitcoin (BTC)'s upward cycle, has issued an apology.
On the 25th (Korean time), CEO Ju posted on his X (formerly Twitter), stating, "My previous prediction was based on the theory: 'Buy when whales gather, sell when retail investors join.' However, the cycle theory for Bitcoin is now gone."
He further explained, "In the last cycle, whales sold to retail investors. This time, existing whales are selling to new long-term holders. The inflow of institutional investors is much larger than expected. Traders are no longer significant; there are now more holders than traders."
CEO Ju added, "(My mistake was) ignoring these changes," and stated, "If my prediction affected your investment, I sincerely apologize."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
