Bull Run Isn’t Over

Bull Run Isn’t Over

 541 total views

2021-11-07 07:51:05

Bull run season continues

Bitcoin continues to move sideways, the last day the price is still around the threshold of 46,000 to 47,000 USD. The top altcoins with Ethereum have grown to about $3,500. The market did not change much.

A share on Gaah’s CryptoQuant says he doesn’t believe the bull run is over and believes it. Gaah shared charts showing the BTC price of previous bull seasons and this bull season.

According to the chart above, each BTC price bull cycle will in turn hit the blue, yellow, and red areas and then end and go into winter. Gaah shared that BTC price started a bull cycle and entered the green zone. The growth of the price reaches the yellow zone and corrects. Then the price rallied to the red zone and the bull season ended. BTC price in the bull cycle of 2013 and 2017 played out in this order.

At the moment, this person thinks that the price of BTC only hit the middle of the cycle when BTC price hit $65,000 and then corrected. And BTC is starting to grow again to enter the red zone.

These colored areas are the calculation of The Puell Multiple indicator commonly found on CryptoQuant. The Puell Multiple is calculated by dividing the daily mined value of bitcoin (in USD) by the 365-day moving average of the daily issued value. Other indicators such as RHOOL Ratial or Market Cap To Thermocap have not yet reached the red zone. Gaah believes that the growing season will continue.

The Grayscale Premium Index is still at negative level and the buying force in the market is not strong enough to push this index to positive level. Currently, the BTC profit rate is still at a high level of over 83%. Maybe in the coming time, there will still be signs of profit taking from individual investors.

The amount of BTC deposits and withdrawals in the past day was still quite quiet and showed no abnormal signs. In general, the amount of BTC deposited is almost equivalent to the amount withdrawn from the exchange.

Money flow of institutional investors shifts to altcoins

Coinshare statistics show that large investment funds are partially shifting to altcoins. In the statistics of some investment funds of Coinshare, it has been eight consecutive weeks of money leaving BTC. Over the past week, the amount in the BTC fund dropped by $3.8 million. Meanwhile, the amount increased sharply in ETH, ADA, DOT and SOL investments.

The inflows into Ethereum totaled 17 million US dollars last week and only 7 of the past 16 weeks saw an outflow. Ethereum’s market share remains stable at 25%.

The highlight of the past week has been from Cardano, with inflows totaling $10.1 million this week, the largest on record, lifting its market share to 0.15%.

Both Solana and Polkadot continue to see cash flows of $2.7 million and $1.5 million, respectively. Solana has surpassed Bitcoin Cash’s AuM and now totals $15.7 million.

Total funds in altcoins (including Ethereum) now account for 32% of all AuM digital assets, close to the record 35% set in mid-May of this year and surpassing the 30% peak seen in January 2018.

We continue to see money leaving BTC but seeing some into altcoins. This is not seen in winter. This is a sign that large investors believe in altcoins rising and they are bullish on the market.

Some other information:

  • Former President Trump is still not a fan of Bitcoin or crypto, he prefers US currency. He said that crypto is a disaster and it could hurt the US currency.

  • El Salvador’s Legislative Assembly’s finance committee has approved a $150 million trust fund to support the country’s plan to legalize bitcoin as fiat money. El Salvador estimates it has 50,000 bitcoin users today and is expected to grow that number to 4 million.

  • El Salvador’s Bitcoin Ads Go Live on TV. This is the first time done by a government. The ad says that people can use any wallet, but using Chivo wallet, users will receive 30 USD from the government.

  • Coinbase announced that they have begun integrating Ethereum’s 2nd tier solution and will start using Polygon.

  • The Biden administration is reportedly pushing to include global crypto data sharing rules in a $3.5 trillion budget package. The Treasury wants crypto businesses to report information about foreign account holders “so that the United States can share information with global trading partners.” This shows that BTC is increasingly widely accepted through government tax collection.

► Join the support team and the most prestigious Exchanges with exclusive deals with CHK


#Bull #Run #Isnt

Leave a Reply

Your email address will not be published. Required fields are marked *