BitCoin Selling Pressure Lessening Due to Substantial Inflows, Claims CryptoQuant CEO - His Forecast
Daily Hodl's Take on the Bitcoin Scene
Bitcoin In a surprising move, CryptoQuant's CEO, Ki Young Ju, is rethinking his bearish stance on Bitcoin. Bible-thumping on social media platform X, he admits his mistake in proclaiming the end of the bull cycle when Bitcoin nosedived below $80,000 two months ago.
What caused this change of heart? In a nutshell, huge inflows into Bitcoin spot ETFs!
"Previously, Bitcoin's game of musical chairs saw the main players - old whales, miners, and retail investors trading bags like hot potatoes. When these retail pockets went dry and the whales started cashing out, predicting the cycle peak was a piece of cake. But not anymore!"
Ki Young Ju explains how the Bitcoin landscape has transformed. Institutions, ETFs, and even governments are buying and selling Bitcoin, complicating the cycle theory. The traditional sell-offs are no longer a reliable indicator.
"Now, instead of fixating on whale sell-offs, we need to focus on the influx of new liquidity from institutions and ETFs. This fresh wave can easily offset even strong whale sell-offs."
As of writing, Bitcoin is trading at a tidy $103,346, with plenty of room to grow!
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Insights:With new liquidity sources and growing institutional participation in Bitcoin, Ki Young Ju suggests that the traditional sell-off cycles might no longer hold water. The bitcoin market is becoming increasingly intertwined with TradFi (Traditional Finance), shifting to a more unpredictable yet exciting playing field.
Analytics firms, experts, and traders are closely monitoring these developments, analyzing market trends, and identifying potential targets for price movements.
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- As the bitcoin landscape evolves, institutional investments and ETFs are causing a shift in traditional sell-off cycles, making the crypto market more unpredictable yet exciting, according to Ki Young Ju.
- In the ever-changing world of finance, analysts and traders are closely scrutinizing the impact of growing institutional participation in Bitcoin, Ethereum, and altcoins, looking for potential price movement targets.
- Stories of crypto trading have become more complex, with the line between TradFi (Traditional Finance) and the crypto market blurring due to increasing liquidity sources and institutional involvement.
- Hodling Bitcoin and other cryptocurrencies may no longer rely solely on sell-off signals, as the new influx of liquidity from institutions and ETFs can easily offset traditional whale sell-offs, observes Ki Young Ju.
- The future of finance is merging traditional and decentralized finance, with platforms like Kaiko providing insights into the fast liquidity recovery of exchanges like Bybit, even post significant hacks.