Are We in a Bull Market for Bitcoin or Is It All a Bubble? Analysis Company Founder Shared!

According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant crypto para market is dominated by large owners, often referred to as whales. Bitcoin He got used to his accumulation.

The whale news that moved the market just a few years ago is now accepted as routine, reflecting a shift in market dynamics.

In a recent statement, Ju noted the prevalence of whale hoarding, noting that it has become a daily topic of discussion: “Just 2-3 years ago, news of whale hoarding would send shockwaves through the market. Today, this is no longer breaking news, it is just expected, routine information.”

According to Ju, this normalization is due to the relative absence of individual investors and the dominance of whales in the Bitcoin market. Ju believes this dynamic is widely accepted within the crypto community.

Addressing concerns about a potential bubble, Ju defined a bubble as a period in which the market price significantly exceeds actual capital inflows, as measured by on-chain data. Comparing this to the current state of the market, Ju cited weekly on-chain capital inflows of $7 billion as evidence of the ongoing bull market.

“We are clearly in a bull market right now,” Ju said. He suggested that the muted reaction to whale accumulation news may be due to consistent bull market calls from analysts, including himself, over the past two years. However, he noted that the bull market is not over and a true bubble scenario would be characterized by widespread analysts’ warnings about a cyclical top.

Ju rejected the idea of ​​an imminent bear market, inviting those predicting a downturn to justify their claims with data: “I would like to hear the reasoning of those who predicted a bear market will begin. One thing is clear: they are not looking at on-chain data.”

While the analyst acknowledged the possibility of a correction, he downplayed its potential impact within the current bull cycle. He predicts that any decline will likely be less than 30% and short-lived, with prices having the potential to rebound strongly.

*This is not investment advice.