The CEO of digital asset market intelligence firm CryptoQuant is highlighting one factor that’s holding back Bitcoin (BTC) and other cryptocurrencies from rallying.
Ki Young Ju tells his 410,300 followers on the social media platform X that the crypto and Bitcoin markets “will likely remain slow until sentiment in the US improves.”
[adinserter block="1"]The CryptoQuant CEO, however, says that the market outlook remains unchanged.
“There’s no significant on-chain activity, and key indicators are neutral, suggesting the bull cycle is still intact. Fundamentals remain strong, with more mining rigs coming online.
If the cycle ends here, it’s an outcome no one wanted—not old whales, mining companies, the traditional finance sector, or even Trump. (For your information, the market doesn’t care about retail.)”
Turning to Ethereum (ETH), the CryptoQuant CEO says the second-largest crypto asset by market cap is not in a distribution phase – a stage in a market cycle that happens after a prolonged bull run but before a prolonged bear run kicks off. In a distribution phase, prices move sideways in a range before the downtrend starts.
According to Ki Young Ju, the liquidity emanating from retail traders and investors is weak relative to the level of liquidity recorded during the previous bull cycle.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
