#ETH Trading Volume Surges#

CryptoQuant CEO Ki Young Ju claimed that the Bitcoin cycle theory has collapsed. The analyst, who stated in March that "the bull market for Bitcoin is over" but whose prediction quickly proved to be wrong, said, "I had based my predictions on this theory - buy when whales are accumulating, sell when retail investors enter the market - but that pattern no longer works."

"Corporate adoption is much larger than we expected"
Ki Young Ju claimed that in previous cycles, whales sold their coins to small investors, but this time old whales are selling to long-term new "institutional whales." The CEO of CryptoQuant stated, "Institutional adoption is much larger than we expected. Trading is becoming meaningless. The number of those holding their coins has surpassed the number of traders. I made a mistake by ignoring this transformation while saying 'the bull cycle is over.'"

Finally, the analyst who apologized concluded as follows:

"If my prediction has affected your investment decision, I sincerely apologize. From now on, I will share my comments more rigorously, based on data and with caution."

When Ki Young Ju claimed that the Bitcoin bull cycle had ended, the price was hovering around 83 thousand dollars. The number one cryptocurrency by market capitalization reached 123 thousand dollars a few months later with a 48% increase.