The CEO of CryptoQuant, a digital asset market intelligence firm, is shedding light on a key factor that is currently hindering the rally of Bitcoin (BTC) and other cryptocurrencies. In a recent update shared with his followers on the social media platform X, Ki Young Ju emphasized that the crypto and Bitcoin markets are likely to remain sluggish until sentiment in the US improves.
Despite the current market conditions, Ki Young Ju remains optimistic about the overall outlook. He noted that there is a lack of significant on-chain activity, with key indicators showing a neutral stance. This suggests that the bull cycle is still intact, supported by strong fundamentals such as the increasing number of mining rigs coming online. Ki Young Ju also highlighted that if the cycle were to end at this point, it would not be a desired outcome for various stakeholders including old whales, mining companies, the traditional finance sector, and even former President Trump.
Shifting focus to Ethereum (ETH), the second-largest cryptocurrency by market cap, Ki Young Ju stated that it is not currently in a distribution phase. This phase typically occurs after a prolonged bull run and precedes a bear market, characterized by sideways price movement before a downtrend begins. The CEO pointed out that the liquidity from retail traders and investors is weaker compared to previous bull cycles.
In conclusion, despite the current market sentiment, Ki Young Ju’s analysis suggests that the overall trajectory of the crypto market remains positive. It is essential for market participants to stay informed and monitor key indicators to make informed decisions in this dynamic environment.
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Image Source: Midjourney
Original Source: CryptoQuant CEO Highlights Key Factor Holding Back Bitcoin and Ethereum Rally [Link to original post]