CryptoQuant CEO Ki Young Ju says Bitcoin may have avoided a much deeper bear market because Michael Saylor’s Strategy and spot ETF buyers absorbed massive selling from older BTC holders. In a post on X, Ki argued that the market should not compare Strategy’s recent 32 BTC sale with the much larger flow that came from “OG whales” over the past two years. His claim is that old Bitcoin holders sold about 1.24 million BTC into demand from Saylor and exchange-traded funds, helping keep Bitcoin far above where it may have traded without those buyers.