According to CryptoQuant CEO Ki Yong Joo, there are no signs of the cryptocurrency market moving from a bearish to a bullish trend so far, so the fall in BTC may continue.
During an interview with Chinese journalist Colin Wu, Ki Young Ju said that the “whales” continue to transfer bitcoins to cryptocurrency exchanges. This indicates that they are selling their Bitcoin holdings. During the bull market, the whales, on the contrary, withdraw the bitcoins of the exchanges to cold wallets.
Currently, the Exchange Whale Ratio is 85% -90%, which indicates a rather bearish trend. However, according to Ki Young Joo, someone is buying significant amounts of BTC:
“The problem is that someone is buying bitcoins outside of exchanges. There is a possibility that some large companies will soon announce investments in bitcoin. The market is now great for scalping. If you are a long-term investor, you can continue to store bitcoins. But in the place of ordinary traders, I would not leave my positions for a long time, “- said CEO CryptoQuant.
Ki Yong Joo expects the capitalization of Ether to rise higher than that of Bitcoin. But such an event may not happen this year, and probably not even next. However, the arrival of institutional investors in the cryptocurrency market and interest in ETH will make Ethereum the largest coin in terms of capitalization.
According to Alex Mashinsky, CEO of Celsius Network, the rate of the first cryptocurrency may reach $ 140,000 this year.
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