According to @ki_young_ju, Bitcoin’s 2018 and 2022 cycles saw whales selling with no fresh capital inflows, while 2025 shows whales selling alongside fresh capital inflows (source: Ki Young Ju on X, Nov 20, 2025). According to the source, this contrast identifies 2025 as a different liquidity setup than prior cycles because distribution by large holders is occurring while new money enters the market (source: Ki Young Ju on X, Nov 20, 2025). According to the source, traders should factor in that whale selling amid fresh inflows can shape BTC market structure differently from 2018 and 2022 when inflows were absent, which is relevant for positioning and risk framing (source: Ki Young Ju on X, Nov 20, 2025).