CryptoQuant CEO Ki Young Ju Says OG Whales Are Dragging the Market

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Crypto markets remain volatile, with Bitcoin hovering around $94K and Ethereum at $3,140. Over the past week, Bitcoin has fallen more than 11%, while Ethereum dropped 13%, reflecting broader market fluctuations.

Despite the recent losses, some analysts note that much of the movement is driven by short-term trading and rotation among investors. As institutional players and long-term holders continue to participate, the market could recover soon.

Long-Term Holders Keep Rotating

Cryptoquant CEO, Ki Young Ju explains that the current dip is largely a case of long-term holders rotating among themselves. “Old Bitcoiners are selling to traditional finance players, who will also hold for the long run,” he said.

This dip is just long-term holders rotating among themselves. Old Bitcoiners are selling to tradfi players, who will also hold for the long run.

The reason I predicted the top early this year is that OG whales were dumping hard. But the market structure has changed. ETFs, MSTR,… https://t.co/eGTRqPivFT

— Ki Young Ju (@ki_young_ju) November 17, 2025

Earlier this year, he had predicted that Bitcoin had reached a market top, noting that OG whales were selling aggressively. However, the market structure has shifted significantly since then.  New liquidity channels like ETFs, companies like MicroStrategy, and other institutional players, continue to inject fresh capital into the market.

On-chain data also shows strong inflows. “This dip is basically OG whales dragging the market,” he added.

He notes that sovereign wealth funds, pension funds, multi-asset funds, and corporate treasuries are now creating even bigger channels of liquidity in the market. In his view, the traditional crypto cycle theory no longer applies as long as these liquidity channels keep flowing.

A Bull Market Correction

Cryptoquant analysts note that Bitcoin’s recent decline from $126K was largely driven by short-term holders panic selling and deleveraging, while long-term holders continued typical mid-cycle profit-taking.

However, new money has been flowing in, so analysts suggest that this reflects a normal bull-market correction rather than a cycle-top reversal.

“Not The Time To Be Bearish”

JAN3 CEO, Samson Mow has shared that this is not the time to be bearish, pointing out a large group of buyers who are largely price-insensitive with nearly unlimited capital. These include not just treasury firms like MicroStrategy, but also companies with massive revenue streams such as Tether. 

At $95k, Bitcoin may represent a roughly 20% “discount” to these buyers, which would allow them to accelerate their accumulation of a finite asset. However, he stresses that this is temporary and will not persist for extended periods of time. 

“Bitcoin is absolute scarcity. The only way to reconcile unyielding demand with the supply will be price appreciation,” he added.

Bitcoin’s recent decline is mostly due to short-term panic and long-term holders moving coins around. However, with Bitcoin’s supply limited, strong demand could push prices higher over time.