Traditional financial institutions, which also tend to hold long-term. He reviewed that the reason for his early judgment of the stage top earlier this year was because "OG whales" were significantly selling off at that time, but the current market structure has changed. He pointed out that ETFs, MicroStrategy, and various new funding channels continue to bring incremental liquidity, and on-chain capital inflow remains strong. This round of pullback is mainly due to early whales pumping the market down. He emphasized that as sovereign funds, pensions, multi-asset funds, and corporate treasuries continue to position themselves, the liquidity channels for Bitcoin will further expand. Under the continuous operation of these funding channels, traditional cycle theories are no longer applicable.