On January 26th, CryptoQuant CEO Ki Young Ju wrote that the bull market is currently in the early stages of the late distribution phase, and Trump's global influence may continue the bull market for several quarters. Unlike the traditional "retail investor → large" bitcoin distribution model, this cycle presents the characteristics of "retail investor (native) + large (native) " transferring to "retail investor (Paper Bitcoins) + large (institutional) ". Native players leave footprints through on-chain activities and cryptocurrency exchanges, while Paper Bitcoins (ETFs, company stocks) leave on-chain footprints on custodial wallets at settlement. Ki Young Ju expects the final stage to evolve into the allocation of "retail investors (native) + large investors (native) + large investors (institutional) → retail investors (Paper Bitcoins) ", which may be completed within the year, and advises investors not to turn bearish too soon.