Bitcoin Selling Pressure Easing Amid Massive Inflows, Says CryptoQuant CEO – Here’s His Outlook
The CEO of the Digital Assets Analytics Platform Cryptoquant, Ki Young Ju, is changing its stance in Bitcoin (BTC).
Ki Young Ju Says His 421,400 followers on the Social Media X platform he was “wrong” to claim that the Bitcoin “Bull Cycle was done” after the flagship of the crypto fell below $ 80,000 around two months ago.
The cryptoquant CEO said the sale of pressure on BTC easing amid “massive flow” enlarged by funds exchanged by Bitcoin Spot (ETF) funds.
“In the past, the Bitcoin market was relatively simple. The main players were old whales, miners, and new retail investors, which usually passed the bag to each other. When retailer was dry and the old whales began to cash out, it was quite easy to guess the cycle peak. It was like a game of musical holding -all trying out -and -at -the -top -and -the -go -to Not a graduate with holders.
But now, the Bitcoin market has become more diverse. ETFs, microstrategy (MSTR), institutional investors, and even government agencies consider the purchase and sale of bitcoin. Previously, income-income cycles were triggered when whales released the climax, leading to a chain reaction of the seller and price collapse. “
According to Ki Young Ju, Bitcoin's growing reception in the main investment industry interferes with the traditional cypto asset flagship cycles.
“However, it felt like it was time to throw away the theory of the cycle. The new sources of liquidity and volume become more uncertain, the sign of a move as the bitcoin market integrates with traditional finance (tradfi). Now, rather than worry about former whale seller, it is more important to focus on how many newly gets to the institutions and the new ones and the new are new to the institutions. This can be exceeded even if the whale sellers sell.
Bitcoin traded at $ 103,346 at the time of writing.
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