According to news on January 26, CryptoQuant CEO Ki Young Ju issued an article stating that we are currently in the early stages of the late distribution stage of the bull market, and Trump’s global influence may continue the bull market for several quarters. Different from the traditional "retail investors → large investors" Bitcoin allocation model, this cycle presents a shift from "retail investors (native) + large investors (native)" to "retail investors (Paper Bitcoins) + large investors (institutions)" feature. Native players leave a footprint through on-chain activity and cryptocurrency exchanges, while Paper Bitcoins (ETFs, company shares) leave an on-chain footprint on custodial wallets upon settlement. Ki Young Ju predicts that the final stage will evolve into the distribution of “retail investors (native) + large investors (native) + large investors (institutions) → retail investors (Paper Bitcoins)”. This process may be completed within the year. Investors are advised It is not advisable to turn bearish too early.