On February 24th, CryptoQuant CEO Ki Young Ju wrote an analysis that the traditional bitcoin-driven crypto-asset rotation model has ended due to the influence of regulation and institutional adoption. He used the "climate change" metaphor to illustrate that "the'rainy season 'has completely disappeared, leaving only occasional drizzle." The new money will mainly flow into the market through stablecoins or widely accepted high-cap tokens, rather than the traditional full-blown counterfeit products market. Ki Young Ju also shared a five-stage roadmap to "the counterfeit products season", followed by stablecoins, bitcoin, high-cap tokens, select crypto-native tokens, and institutional-backed tokens.