比推消息，CryptoQuant 创始人 Ki Young Ju 发文指出，比特币市场已从传统的鲸鱼和散户主导模式转变为更加多元化的结构。ETF、MicroStrategy 等机构投资者以及政府机构的参与，使得传统的市场周期理论可能不再适用。新增流动性来源正在改变市场动态，机构资金流入可能抵消鲸鱼抛售带来的压力。并强调当前市场正处于吸收新增流动性的过渡阶段。
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