PANews reported on October 2 that Ki Young Ju, founder of CryptoQuant, said on social media that the current market fluctuations are mainly due to the game of the futures market, and the real whales are driving the rise of BTC through the spot and OTC markets. On-chain data shows that whales holding BTC have not yet received significant returns, while whales that have entered the market recently have made almost no profit. Therefore, it is unlikely that whales will sell on trading platforms before there is a large inflow of retail funds. In addition, new whale addresses are hoarding BTC crazily. This hoarding speed is unprecedented and has little to do with the inflow of ETF funds.