Bitcoin Bear Market Officially Underway, Rapid Reversal Likely: CryptoQuant CEO
The CEO of on-chain analysis firm CryptoQuant Ki Young Ju says there’s little doubt Bitcoin is in a bear market – the question is how long it will last.
The CEO says the number of large investors sending Bitcoin to exchanges, which continues to rise as of June 21st, confirmed the state of the market.
“I hate to say this, but it seems like the BTC bear market confirmed. Too many whales are sending BTC to exchanges.”
The Whale Capitulation Index, which Ki Young Ju bills as a “pretty good indicator”, is based on the Exchange Whale Ratio which is the “relative size of the top 10 inflow transactions to total inflows.”
“Not a single indicator can’t tell the future for sure. Anything can happen in the crypto market. I’m just saying, this has been a pretty good indicator to determine a bull/bear market for me.”
However, Ki Young Ju says he believes a reversal could be around the corner.
“To be clear, I expect my BTC bearish bias won’t last long (maybe just a few weeks) because the market looks good in terms of supply/demand in the long term (e.g., Stablecoins ratio(USD) and SSR) So don’t get me wrong, I’m not saying it’s over.”
The CryptoQuant CEO cites the stablecoin ratio which is falling – an indication of a decrease in the selling pressure – as evidence of the optimal conditions existing in the market. Ki Young Ju also cites the Stablecoin Supply Rate (SSR) which is also falling – an indication of a decrease in selling pressure.
“To be clear, I expect my BTC bearish bias won’t last long (maybe just a few weeks) because the market looks good in terms of supply/demand in the long term (e.g., Stablecoins ratio(USD) and SSR).”
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Author: Daily Hodl Staff
