Bitcoin faced a significant drop to $38,000, sparking concerns among investors. Ki Young Ju, CryptoQuant's CEO, sheds light on the decline's origins and advises on a strategic approach.
The Decline and Investor Unease:
BTC's price hit $38,000, a first since December, amid ongoing selling pressure following ETF approval.
CEO's Analysis:
Ki Young Ju explains the decline's source and encourages investors to accumulate BTC.
GBTC Sales vs. Derivative Market Impact:
Contrary to popular belief, Grayscale sales aren't the primary driver of BTC's fall, according to Ki Young Ju.
Derivative Market's Role:
The CEO attributes Bitcoin's decline to derivative market sales, emphasizing their influence over Grayscale sales.
Active OTC Markets and Price Impact:
While OTC markets are active, Ju clarifies they don't directly impact BTC prices.
Bullish Signal and Reaccumulation:
Ju predicts the bull market's onset when on-chain OTC trading and spot ETF activity decrease, marking the completion of reaccumulation.
Strategic Advice:
"Accumulate Bitcoin like an institutional investor," suggests Ju, highlighting the importance of a strategic approach.
While shedding light on Bitcoin's decline, uncertainties persist. The market awaits the specified signals for bullish trends, leaving investors on edge in these uncertain times.