ChainCatcher news, CryptoQuant CEO Ki Young Ju stated that we are currently in the early stage of the late bull market distribution phase, and Trump's global influence may extend the bull market for several quarters.Unlike the traditional "retail investors → whales" Bitcoin distribution model, this cycle shows a shift from "retail investors (native) + whales (native)" to "retail investors (Paper Bitcoins) + whales (institutions)." Native players leave footprints through on-chain activities and cryptocurrency exchanges, while Paper Bitcoins (ETFs, company stocks) leave on-chain footprints in custodial wallets upon settlement.Ki Young Ju expects that the final stage will evolve into a distribution of "retail investors (native) + whales (native) + whales (institutions) → retail investors (Paper Bitcoins)," and this process may be completed within the year, advising investors not to turn bearish too early.