CryptoQuant CEO: Bitcoin data currently similar to the early stages of the 2020 bull market
Against the backdrop of Bitcoin continuing to hit new highs, CryptoQuant CEO Ki Young Ju tweeted earlier today and attached a "Bitcoin bull-bear cycle indicator chart", stating that Bitcoin has already entered a bull market, and the data presented by the indicator is similar to the early stages of the 2020 bull market. He then stated that in late May, he had already pointed out that the activity atmosphere of on-chain whales was similar to the mid-2020 period, but the subsequent market performance was not as expected, which made him doubt the accuracy of the data. However, the recent surge in Bitcoin has made him believe the data is correct again, and the bullish trend is gradually becoming clearer:In addition, Ki Young Ju further analyzed the reasons for Bitcoin's rise:For months, I have been closely monitoring the "whale" (addresses holding large amounts of Bitcoin) accumulation phenomenon shown in on-chain data. Although some have criticized these data as exaggerated, and I myself have had doubts about the accuracy of the data, it has now been proven to be correct.
The inflow of funds from these "whales" is forming a powerful supporting force, and as the bullish trend becomes clearer, the past accumulation behavior seems to be revealing its underlying logic and intentions.
- After the Bitcoin block reward halving, the cost has doubled, and the price needs to rise to maintain miner profitability
- Many traders are shorting Bitcoin, and the market may drive the bull market through a "short squeeze"
- Based on the past halving cycle performance, Bitcoin's bull market usually starts in the fourth quarter (October to December)
Multiple companies list Bitcoin as reserve assets
On the other hand, after Trump's election, his promise to make Bitcoin a strategic reserve asset for the United States, although the market believes the execution probability is low, Trump's remarks have prompted US-listed companies to start purchasing Bitcoin as reserve assets.- Education group Genius Group (NYSE: GNS) announced on November 18 that it had purchased 110 Bitcoins for $10 million, at an average price of $90,932.
- Biopharmaceutical company Hoth Therapeutics (NASDAQ: HOTH) announced on November 20 that its board of directors had approved the purchase of up to $1 million in Bitcoin.
- Biopharmaceutical company Acurx Pharmaceuticals (NASDAQ: ACXP) announced on November 20 that its board of directors had approved the purchase of up to $1 million in Bitcoin as a reserve asset.
- US-listed company LQR House announced on November 19 that its board of directors had approved the purchase of up to $1 million in Bitcoin as a reserve asset.
