CryptoQuant CEO Kee Young Ju publicly apologized for inaccurate predictions about bitcoin’s bull cycle published two months ago. He attributes the market shift to decreasing selling pressure, with significant new capital entering through ETFs. 3 primary groups previously drove bitcoin dynamics: miners, whales, and retail investors. The lack of large holder sell-offs is contributing to a more complex market structure involving new players like ETFs, institutional investors, and government entities, according to Ju. This shift in market structure disrupts the traditional analysis framework. He advises focusing on new capital inflow from institutions and ETFs as indicators rather than relying on whale movements. This change in emphasis comes after a period of sluggish growth for bitcoin despite price increases.