CryptoQuant CEO: The cyclical price bottom for bitcoin may be around $56,000
According to a report by Jinse Finance, based on the latest analysis from CryptoQuant founder Ki Young Ju, there are signs that large players are exiting the bitcoin futures market, which is now dominated by retail investors. Data shows that the premium on a certain exchange has dropped to a nine-month low, ETFs have seen net outflows for three consecutive weeks, and the realized market cap growth on-chain has stagnated. Although the market is weak in the short term and there is a lack of dollar liquidity, analysts expect that bitcoin capital inflows will not completely stop within the next six months. If the cycle theory holds, the bitcoin price bottom may be around $56,000. Currently, the deposit cost basis on a certain exchange is $57,000, indicating that traders have already gained considerable profits from ETF and institutional capital inflows.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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