CryptoQuant CEO：当前处于牛市后期分配阶段初期，不宜过早转向看空 📈

ChainCatcher reports that CryptoQuant CEO Ki Young Ju has stated that we are currently in the initial phase of the late-stage distribution of a bull market. He suggests that the global influence of figures like Trump may extend the bull market by several quarters.

This cycle shows a shift from the traditional 'retail investors → large holders' Bitcoin distribution model to one involving 'retail investors (native) + large holders (native)' to 'retail investors (Paper Bitcoins) + large holders (institutions)'. Native players leave footprints through on-chain activities and cryptocurrency exchanges, while Paper Bitcoins, such as ETFs and company stocks, leave on-chain footprints during settlement in custodial wallets.

Ki Young Ju anticipates that the final stage will involve the distribution shifting from 'retail investors (native) + large holders (native) + large holders (institutions)' to 'retail investors (Paper Bitcoins)', potentially completing within the year. He advises investors not to turn bearish prematurely.