According to Ki Young Ju, founder of CryptoQuant, demand for Bitcoin ETFs has slowed, but it is still in a net inflow state. He said that the current bull market cycle will continue until there is a significant outflow of ETF funds, while continued net outflow demand will herald the beginning of a bear market cycle. Ki Young Ju stressed that what really matters in the market is only supply and demand, and other factors are just market noise.