Bitcoins majestic bull run finally settles above $60000. It hit $61500 on Saturday breaking the records of its previous high but soon was found under pressure. At the time of writing BTC has slipped below $60K levels and is trading 6.9% down at $57379 with a market cap of $1.114 trillion.
Amidst this rise CryptoQuant CEO and popular Bitcoin analyst, Ki-Young Ju brings into the notice of the recent 18,961 BTC deposits on the Gemini Exchange.
Down the lane, he cited such moments and similar chart patterns, and whenever such inflows have happened on Gemini, BTC and have gone through significant pullbacks
“It’s not good for the bull market if the buying power continues to come from stablecoins. If so, as soon as this exchange stablecoins reserve dries up, we’re done”.
Ju’s claims that major backing came from stablecoin deposits unlike previous ATHs, the Coinbase Premium during the $60K surge was negative at -0.55%. Usually, when the institutions are purchasing, the Coinbase Premium remains negative.
Major institutional players have stepped back and maximum support is from stablecoin deposits. Glassnodes report states that the total BTC supply held by the long-term holders is decreasing while that held by short-terms holders is increasing. In such conditions it is hard for bitcoin to sustain above $61k level.
This 60k bull-run is not US institution-driven, it all came from stablecoins.
The bitcoin market now awaits a correction after Bitcoin has bounced off sudden support around $59,000 and is moving toward $70,000. Its previous bull runs from 2013 and 2017 suggest that any dip here onwards in the BTC price presents a new buying opportunity for investors.