Ki Young Ju, the CEO of CryptoQuant, believes that the US Bitcoin market is currently leading the way when it comes to determining the future direction of crypto prices. With 347,300 followers on X, Young Ju shared his perspective that the US Bitcoin market holds more significance than global offshore markets for the next bullish trend.
According to Young Ju, stablecoins are typically viewed as a source of global offshore liquidity for buying. While their market cap is increasing, their ratio to BTC and ETH market caps is decreasing. This trend also extends to free-floating market caps and exchange reserves, indicating that stablecoins alone cannot be the sole driver of the next market upswing.
Highlighting Coinbase’s dominance in the global BTC-USD spot markets at 46%, Young Ju suggests that this influence is on the rise, possibly due to institutional brokerage services. The South Korean won (KRW) is the second-largest fiat for trading volume, primarily for altcoins, with 82% of Upbit’s volume coming from altcoins in the previous month. Additionally, the BTC-USD trading volume on Coinbase was five times greater than BTC-KRW on Upbit.
BTC is currently trading at $68,312, experiencing a 4% decrease in the past week. Despite this, Young Ju recently pointed out that Bitcoin is not currently overvalued when looking at network fundamentals. He referenced BTC’s “thermo cap ratio,” which represents the total investment cost in the Bitcoin network calculated as the weighted sum of mined coins by the creation price. The thermo cap ratio is derived by dividing Bitcoin’s market capitalization by the thermo cap.
In conclusion, Young Ju’s insights shed light on the current state of the US Bitcoin market and its impact on the crypto landscape. With a keen eye on market trends and network fundamentals, his analysis provides valuable information for investors and enthusiasts alike. Subscribe to stay updated on the latest developments and follow The Daily Hodl on X, Facebook, and Telegram for more insights. Remember to conduct your own research before making any investment decisions in the volatile world of Bitcoin and cryptocurrencies.
