Institutional holdings are stable, and funds are flowing in multiple directions, as Bitcoin enters a new market cycle.

【Crypto World】The capital inflow pattern of Bitcoin is undergoing profound changes. Ki Young Ju, founder and CEO of CryptoQuant, recently pointed out that the traditional method of tracking Bitcoin capital inflows has lost its reference significance—not because there is no capital coming in, but because the channels for liquidity inflows and outflows have become more diversified.

This observation reflects the evolution of market structure. The simple “whale-retail” sell cycle has been broken. Especially, long-term institutional investors have changed their strategies—for example, Strategy, which holds 673,000 Bitcoins that remain untouched to this day and are not sold easily. This indicates that institutional investors are more stable in their mindset and are no longer swayed by short-term fluctuations.

Where has the capital gone? Ki Young Ju believes that new funds are flowing into the stock and precious metals markets. In other words, Bitcoin is no longer the only risk asset option.

From a market cycle perspective, this provides important insights. The scenario of Bitcoin dropping over 50% from its all-time high during traditional bear markets is significantly less likely in the current market environment. The next few months are likely to maintain a volatile pattern rather than a one-sided plunge. For traders who are shorting at high levels and expecting a price collapse, it may be time to reassess the risks.