CryptoQuant CEO: We are currently in the early stages of the late bull market distribution phase, so it is not advisable to turn bearish too early

On January 26th, CryptoQuant CEO Ki Young Ju pointed out in a post that we are currently in the early stages of the distribution phase of the late bull market, and that Trump's global influence may extend the bull market for several quarters. Unlike the traditional Bitcoin distribution model of "retail investors → whales," this cycle is characterized by a shift from "retail investors (native) + whales (native)" to "retail investors (Paper Bitcoins) + whales (institutions)." Native players leave footprints through on-chain activity and cryptocurrency exchanges, while Paper Bitcoins (ETFs, company stocks) leave on-chain footprints on custodial wallets during settlement. Ki Young Ju predicts that the final stage will evolve into a distribution of "retail investors (native) + whales (native) + whales (institutions) → retail investors (Paper Bitcoins)," which may be completed within the year. He advises investors not to switch to bearish too early.