The co-founder and CEO of CryptoQuant says that Bitcoin (BTC) whales are in a “risk-on mode,” signaling a bull market.
Crypto analyst Ki Young Ju tells his 327,800 followers on the social media platform X that BTC whales are increasingly active in one key area of the crypto market.
“Bitcoin whales are still in a risk-on mode, sending BTC to derivative exchanges.”
The analyst’s chart shows the “interexchange flow pulse,” an indicator that measures the one-year cumulative net flows between crypto exchange Coinbase and derivative exchanges.
When the metric rises, it indicates investors are transferring more BTC from spot to derivative exchanges, which means they are willing to take on more risk.
The analyst’s chart shows that when the indicator increases above the 90-day moving average (MA) of the same indicator – as it has now – Bitcoin has been in a bull market. A similar pattern occurred in 2017 and 2019-2021. When the indicator dips below its 90-day MA, Bitcoin has experienced a bear market.
The analyst noted in December 2022 that he was closely watching the indicator to see if it would cross the 90-day MA to signal a bull market.
“What data will change drastically if the bull run starts?
Interexchange Flow Pulse: Will a ‘risk-on’ attitude return to the crypto market in 2023?”
BTC is worth $27,423 at time of writing, down 1.3% in the last 24 hours.
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