Here’s what could trigger Bitcoin’s (BTC) next parabolic rally, according to Quant Analyst

A widely followed quantitative analyst is revealing what he believes could be the catalyst that triggers Bitcoin’s (BTC) next parabolic rally.

Crypto Quant CEO Ki Young Ju tells his 306,200 Twitter followers that the massive influx of stablecoin USD Coin (USDC) onto crypto exchanges could signal the start of a new Bitcoin bull market.

“Bitcoin’s next parabolic bull run could start as massive USDC flows into exchanges.

For now, 94% of the USDC supply is off exchanges, some of which are owned by TradFis like BlackRock, Fidelity, Goldman Sachs, etc.

They will move when they receive orders from their customers.”

Font: Ki Young Ju/Twitter

For now, the head of the analytics firm says that native crypto stablecoins like Tether (USDT) and Binance USD (BUSD) are making a comeback on digital asset exchanges.

“For BUSD, 70% of the supply is in exchanges. USDT is 25%.

BUSD exchange reserve is growing despite bear markets, which could indicate that crypto natives are hoarding some coins.”

Image
Font: Ki Young Ju/Twitter

As for Bitcoin, Ki Young Ju says he is keeping a close eye on an on-chain metric that could indicate BTC is bottoming out.

“BTC the price is now close to the estimated entry price of institutional investors who have been using Coinbase services as a primary brokerage, custody, etc. If you still believe institutions drive this market, this bullish hopium might work for you.”

Image
Font: Ki Young Ju/Twitter

According to the chart shared by the analyst, Coinbase’s on-chain exit weighted average price could indicate the entry price for institutional investors. With the metric closely embracing recent BTC price action, it could suggest that institutions and wealthy investors are defending their Bitcoin positions.

Don’t miss a thing – sign up for crypto email alerts straight to your inbox

Check price action

Follow us TwitterFacebook and Telegram

Surf The Daily Hodl Mix

See the latest news headlines

&nbsp

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Art Furnace

Leave a Comment