The chief executive of a prominent crypto analytics firm believes that the Bitcoin (BTC) bull market has enough fuel to witness more rallies.
CryptoQuant CEO Ki Young Ju tells his 401,300 followers on the social media platform X that demand for Bitcoin spot market exchange-traded funds (ETFs) is still going strong, indicating that deep-pocketed investors are positioning for more BTC rallies.
[adinserter block="1"]Ki notes that he thinks BTC will print a market cycle top once demand for Bitcoin ETFs tapers off.
“The Bitcoin bull cycle isn’t over.
The buying engine for paper Bitcoins is still running. In 2021, the downturn came two months after GBTC (Grayscale Bitcoin Trust) inflows dried up.
No need to rush calling the cyclical top until ETFs, MSTR (MicroStrategy), and institutional buying slow down.”
At time of writing, Bitcoin is trading for $99,669.
Turning to altcoins, Ki believes that investors will see alts in a different light in five years. According to the analyst, most altcoins will stop serving as speculative assets as he believes investors will value them based on their earnings – much like how they value stocks.
“The era of altcoins existing solely as a measure of internet attention span will be over within five years. Meme coins will persist as gambling products…
Beyond those, altcoins that are actually building will evolve into employment contracts for internet knowledge workers. It is undeniable future that these altcoins will evolve into an internet economic framework that enables compensation for the value generated in the processes of information creation, distribution, and acquisition.”
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Generated Image: DALLE3