According to @ki_young_ju, the current BTC dip reflects long-term holder rotation, with older Bitcoiners selling to TradFi players expected to hold for the long run. Source: x.com/ki_young_ju/status/1990368321959821508 He states he called the early-year top due to heavy OG whale distribution, but says the market structure has changed as ETFs, MSTR, and other new channels injected fresh liquidity while on-chain inflows remained strong. Source: x.com/ki_young_ju/status/1990368321959821508 He adds the dip is being dragged by OG whales even as sovereign funds, pension funds, multi-asset funds, and corporate treasuries build larger liquidity channels. Source: x.com/ki_young_ju/status/1990368321959821508 He concludes that Bitcoin’s traditional cycle theory is invalid until these liquidity channels slow or stop, making flow dynamics the primary driver to watch for traders. Source: x.com/ki_young_ju/status/1990368321959821508