Opinion: We are currently in the late stage of a Bitcoin bull market, but there is still room for growth

BlockBeats News, January 26th, CryptoQuant CEO Ki Young Ju posted a message stating, "I believe we are currently in the early stage of distribution, as new retail investors are entering the market. Trump's global promotional effect may extend this bull market for several more quarters.

Typical Bitcoin distribution pattern:

Retail Investors → Whales

Current distribution pattern:

Retail Investors (OG) + Whales (OG) → Retail Investors (ETF, MSTR) + Whales (Institution)

OG activities will leave traces through on-chain behavior and cryptocurrency exchanges, while paper Bitcoin (such as ETFs, company stocks) will leave on-chain records through custody wallets during settlement.

Final stage of distribution:

Retail Investors (OG) + Whales (OG) + Whales (Institution) → Retail Investors (ETF, MSTR)

I expect this to happen within this year, so I think it's not necessary to turn bearish too early."