Frequently followed by analysts and investors on-chain Ki Young Ju, CEO of CryptoQuant, shared his new comments on the crypto market. The CEO made a prediction about how a new rally in Bitcoin will begin.
Young Ju possible bitcoin of the largest leading data of the bull that will be transferred to the stock markets. USD Coin (USDC) thinks it will. The CEO bases his prediction on the following reason:
“The next BTC bull may start when large amounts of USDC are transferred to exchanges. Because more than 90% of the USDC supply is in the hands of big giants such as BlackRock, Goldman Sachs, Fidelity. When clients of these asset funds place orders, USDC will flow to crypto exchanges.”
According to the graphic shared by Ki Young Ju on his Twitter account, USDC supply is only 6% of the entire supply.
CryptoQuant According to the data available to its CEO, Tether (USDT) and Binance USD (BUSD) stablecoins have been making their way onto exchanges for a long time. While 70% of the total supply of BUSD is in exchanges, this rate is 25% in USDT.
“Institutions Are Buying BTC From These Levels”
Ki Young Ju also shared with his followers which on-chain data he paid the most attention to in Bitcoin. The CEO’s top priority is data on average inflows from institutional investors.
According to the on-chain analyst, Coinbase Outflow data shows at what levels institutions are buying BTC. The horizontal market in Bitcoin in recent months may have provided a good environment for institutional investors to buy.
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