As an experienced analyst, I’ve closely followed the cryptocurrency market for several years now. The recent bullish trend in major coins like Bitcoin and Ethereum has piqued my interest, especially given the significant events that have shaped the landscape, such as the U.S. Spot Bitcoin ETF approval and the Bitcoin Halving.
The cryptocurrency market has experienced a notable upswing lately, driven by strong performances from key players like Bitcoin and Ethereum. This uptick in value has left investors feeling hopeful and optimistic. Major developments, including the U.S.’s approval of a Spot Bitcoin ETF and the Bitcoin Halving, have influenced the market significantly. As these events unfold, investors are now carefully considering how long this bullish trend might last.
As a data analyst, I’ve been closely monitoring the cryptocurrency market and following the insights of CryptoQuant founder Ki Young Ju. His latest analysis based on on-chain data suggests that we might be nearing the end of this current bull cycle.
Analyzing On-Chain Data for Bitcoin’s Bull Cycle End
The CEO of CryptoQuant, Ki Young Ju, has used on-chain data to shed light on Bitcoin’s current trend in the market. By comparing a Bitcoin price chart on X platform, he pointed out that the cryptocurrency is presently experiencing a bull cycle as its market capitalization surpasses its realized cap.
Based on past patterns, which usually span around two years, this expert suggested that the ongoing Bitcoin bull market could potentially end by April 2025.
Significantly, Ju’s assessment emerges during a bullish crypto market mood. The U.S. Spot Bitcoin ETF has experienced substantial inflows recently, with data from Farside Investors indicating over $726 million in investments within the past four days, showcasing reinvigorated investor enthusiasm.
As a senior ETF analyst at Bloomberg, I’ve observed the impressive performance of a particular ETF lately. Over the past two weeks, it has attracted an inflow of approximately $1.3 billion. This substantial influx during the recent week significantly helped to counterbalance earlier outflows, thereby reinstating trust among investors.
Market Sentiment Amid Regaining Momentum
Crypto market supporters are showing renewed faith in the digital asset sector, as indicated by the robust showings of cryptocurrencies such as Bitcoin and Solana lately. It’s worth noting that the latest U.S. Consumer Price Index (CPI) figures have helped strengthen investor trust.
Inflation showed a decrease in April relative to the prior month, implying a possible change in the Federal Reserve’s tough stance on interest rates. A persistent downtrend in inflation may lead the Fed to reconsider its monetary policy, which could impact financial markets and investors’ perspectives in the near future.
Despite the recent progress, market volatility continues to take center stage. According to CoinGlass statistics, Bitcoin Futures Open Interest saw a decrease of 1.36% within the past day, but experienced a rise of approximately 1.26% within the last four hours, reaching a level of 490.28K BTC or $32.65 billion.
As a crypto investor, I’ve observed that Bitcoin’s price experienced some growth, reaching $66,440.54, which is a 0.53% increase compared to the previous day. However, the trading volume saw a decrease of 23.31%, amounting to $30.20 billion during this period. The highest point Bitcoin touched within the last 24 hours was $66,545.81. In the past 30 days, Bitcoin has seen significant growth, with an almost 7% increase in value and a weekly surge of more than 5%.
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2024-05-17 16:28