Here’s what could trigger the next Bitcoin (BTC) parabolic rally, according to Quant Analyst
A widely-regarded quantitative analyst reveals what he thinks could be the catalyst that will spark the next parabolic rally for Bitcoin (BTC).
Crypto Quant Chief Executive Ki Young Ju tells his 306,200 Twitter followers that the massive inflow of stablecoin USD Coin (USDC) to crypto exchanges could signal the start of a new Bitcoin bull market.
“The next bitcoin parabolic bull run could begin as massive USDC flow into exchanges.
Currently, 94% of USDC supply resides outside of exchanges, some of which are owned by TradFis like BlackRock, Fidelity, Goldman Sachs, etc.
They move when they get orders from their customers.”
Source: Ki Young Ju/Twitter
For now, the head of the analytics firm says crypto-native stablecoins like Tether (USDT) and Binance USD (BUSD) are making their way back into digital asset trading.
“At BUSD, 70% of supply is in exchange. USDT is 25%.
BUSD FX reserve is growing despite bear markets, which may indicate crypto natives are accumulating some coins.”
Looking ahead to Bitcoin, Ki Young Ju says he’s keeping a close eye on an on-chain metric that could signal BTC has bottomed.
“BTC The current price is close to the estimated entry price of institutional investors who have been using Coinbase services such as prime brokerage, custody, etc. If you still believe institutions are driving this market, this bull hopium could work for you.”
According to the chart shared by the analyst, the weighted average price of Coinbase’s on-chain outflow could indicate the entry price of institutional investors. As the metric closely wraps around BTC’s recent price action, it could indicate that institutions and well-funded investors are defending their Bitcoin positions.
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