The old miner’s chips have completed an elegant transfer of power—from basement mining rigs to a Manhattan conference room. Bitcoin’s narrative is being rewritten, and the cycle is still on its way.

CryptoQuant founder and CEO Ki Young Ju posted on X platform stating that the early Bitcoin OGs and veteran miners selling are part of the process of transferring chips to U.S. traditional financial institutions and ETFs. He believes that institutional investors in traditional finance may bring a stronger demand base, and although cyberpunk values might be diluted, Bitcoin still has an upward cycle in the future and is worth continuing to wait.