Odaily星球日报讯 CryptoQuant 首席执行官 Ki Young Ju 发文表示，尽管过去两年始终看多市场，但当前数据已明显转弱，市场可能已进入熊市。他指出，基于已实现市值的指标显示缺乏新增流动性，10 万美元附近的大量交易量未能推动价格上涨，同时 ETF 连续三周出现资金流出。他强调自己不会做空比特币，仍将持有现货。

Odaily星球日报讯 CryptoQuant 首席执行官 Ki Young Ju 发文表示，尽管过去两年始终看多市场，但当前数据已明显转弱，市场可能已进入熊市。他指出，基于已实现市值的指标显示缺乏新增流动性，10 万美元附近的大量交易量未能推动价格上涨，同时 ETF 连续三周出现资金流出。他强调自己不会做空比特币，仍将持有现货。

CryptoQuant CEO：市场或已进入熊市，仍持有BTC现货

Odaily reports that CryptoQuant CEO Ki Young Ju has posted that although he has been bullish on the market for the past two years, current data has clearly weakened, and the market may have entered a bear market. He pointed out that the realized market capitalization indicator shows a lack of new liquidity, and the large trading volume around $100,000 has failed to drive up prices, while ETFs have seen capital outflows for three consecutive weeks. He emphasized that he will not <short> Bitcoin and will still hold the <Dai>.

Odaily reported that Ki Young Ju, the CEO of CryptoQuant, posted that although he has been bullish on the market for the past two years, the current data has clearly weakened, and the market may have entered a bear market. He pointed out that the realized market capitalization indicator shows a lack of new liquidity, and the large trading volume around $100,000 has failed to drive up prices, while ETFs have seen capital outflows for three consecutive weeks. He emphasized that he will not <short> Bitcoin and will still hold the spot.

CryptoQuant CEO: The market may have entered a bear market, but I still hold BTC spot

The CryptoQuant CEO Ki Young Ju believes that on-chain indicators suggest the Bitcoin bull market cycle has ended, and the price is expected to show a bearish or sideways trend for 6-12 months; as new liquidity dries up, new whales are selling Bitcoin at lower prices. <OP> uses PCA applied to on-chain indicators such as MVRV, SOPR, and NUPL to calculate the 365-day moving average, used to identify the turning point where the 1-year moving average trend changes. However, some users have pointed out that <OP> was in 2020...

CryptoQuant CEO: On-chain indicators indicate that the Bitcoin bull cycle has ended

[Trading Moment: BTC in the 70,000-80,000 range with supply gap, FOMC interest rate decision becomes market focus]
1. Market Observation
Keywords: FOMC, ETH, BTC
Yesterday, YZi Labs announced an investment in Plume Network, boosting the RWA sector. The latest analysis by QCP Capital shows that despite the market noise, BTC remains stable above $80,000, demonstrating strong resilience. Standard Chartered Bank even stated that if the "Crypto Reserve" plan proposed by Trump is successfully implemented by 2025, combined with the BTC halving effect...

Trading time: Bitcoin supply gap appears in the 70,000-80,000 range, and FOMC interest rate decision becomes the market focus

Odaily reports that the current price of Bitcoin has fallen 22% from the historical high of $109,000 set on January 20, the day of Trump's inauguration. Although investor sentiment has repeatedly fallen into the "extreme fear" zone, crypto analysts generally believe that the Bitcoin bull market cycle has not yet ended, and this decline may be a "shakeout" - a sharp drop caused by the concentrated unwinding of long positions, followed by a rapid rebound. Bitfinex analysts pointed out that "multiple key technical indicators have turned bearish, triggering speculation about the premature end of the bull market. However, the four-year cycle of Bitcoin is still a key factor, and history shows that corrections during the bull market cycle are a normal phenomenon. This is more likely to be a shakeout rather than the beginning of a bear market. The bottom of Bitcoin may form in sync with the US stock market (especially the S&P 500), and the $72,000 to $73,000 range is still a key support area, but the trend of global bond yields and the stock market will dominate the next move of Bitcoin. The risks of the trade war have been partially priced in, but long-term economic pressures may suppress sentiment." Nexo analyst Iliya Kalchev stated that "although Bitcoin's four-year compound annual growth rate (CAGR) has dropped to a historical low of 8%, the halving event is still crucial to the long-term price trend. The halving in April 2024 will reduce the block reward to 3.125 BTC, and Bitcoin has already accumulated an increase of over 31% since then. Although the ETF inflows driven by institutional adoption have been the main driving force in the past year, the halving effect will continue to impact the market."