The founder and CEO of crypto hedge fund Morgan Creek Digital, Mark Yusko, believes that a bull market is a couple of weeks away from starting.
In a new Blockworks Macro interview, Yusko says that “crypto summer” will formally kick off early next month.
“I’m officially declaring three weeks from Tuesday [April 18th], this coming Tuesday, is the official start of crypto summer. That also happens to be my birthday, but that’s going to be the official start of crypto summer.”
According to Yusko, the uptick in crypto prices coincided with a massive increase in global liquidity.
“Crypto summer surfing on a wave of global liquidity. China printed a trillion dollars since October. Trillion with a T. Japan, another couple hundred billion. The Fed put $300 billion back on its balance sheet.
We’ve got $1.5 trillion of liquidity sloshing around. Turns out people buy things that they like. And there’s a whole bunch of people that like crypto. Bitcoin and Ethereum are the biggest beneficiaries. But it’s going down the ladder too.”
On Bitcoin (BTC), Yusko says that the flagship crypto asset has hit new record highs on a number of metrics including adoption.
“[Bitcoin’s] hash rate, new all-time high. Number of wallets, new all-time high.
Number of wallets with greater than 0.1 Bitcoin, new all-time high.
Transaction size and volume, not all-time high, but coming back to being close.”
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