Here’s what could trigger the next parabolic Bitcoin (BTC) rally, according to Quant Analyst
A widely followed quant analyst reveals what he believes could be the catalyst that sparks the next parabolic rally for Bitcoin (BTC).
Crypto Quant CEO Ki Young Ju tells his 306,200 Twitter followers that the massive influx of stablecoin USD Coin (USDC) into crypto exchanges could signal the beginning of a new Bitcoin bull market.
“The next Bitcoin parabolic bull run may begin as massive USDC flows into exchanges.
Currently, 94% of the USDC supply is outside exchanges, some of which are owned by TradFis such as BlackRock, Fidelity, Goldman Sachs, etc.
They will move when they get orders from their customers.”
For now, the head of the research firm says that crypto-native stablecoins such as Tether (USDT) and Binance USD (BUSD) are moving back to digital asset exchanges.
“For BUSD, 70% of the offer is in exchange. USDT is 25%.
The BUSD exchange reserve is growing despite bear markets, which may indicate that crypto-natives are accumulating some coins.”
Looking at Bitcoin, Ki Young Ju says he is keeping a close eye on a chain value that could signal that BTC is about to bottom.
“BTC price now is close to the estimated entry price for institutional investors who have used Coinbase services such as prime brokerage, custody, etc. If you still believe institutions drive this market, this bull hopium may work for you.”
According to the chart shared by the analyst, the Coinbase outflow on the chain weighted average price may indicate the entry price of institutional investors. With the calculation approaching BTC’s recent price action, it could indicate that institutions and deep-pocketed investors are defending their Bitcoin positions.
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