Jiang Zhuoer, founder of the B.TOP mining pool, stated that current capital flows in the cryptocurrency market do not signal the start of a new bull market, and pointed to the possibility of
Jiang Zhuoer, founder of the B.TOP mining pool, stated that current capital flows in the cryptocurrency market do not signal the start of a new bull market, and pointed to the possibility of a final decline for Bitcoin after a short-term rise.
According to data shared by Jiang Zhuoer, the outflow trend in stablecoin supply in the cryptocurrency market continues. Over the past month, the total market capitalization of stablecoins has decreased by approximately $2.23 billion.
During this period, Tether’s (USDT) market capitalization decreased from $184.2 billion to $183.1 billion, while USD Coin’s (USDC) market capitalization fell from $73.28 billion to $72.15 billion.
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Zhuoer argued that the decline in stablecoin supply indicates that new capital inflows into the market are still weak, and that current funding conditions do not support the start of a bull market.
Zhuoer stated that Bitcoin could rebound in the short term, predicting that the price could reach a maximum of $68,000-$70,000. According to the analyst, Bitcoin might experience “one last drop” after short positions are liquidated during this rise.
*This is not investment advice.
Continue Reading: Founder of a Chinese Mining Company: “Don’t Be Fooled by Bitcoin’s Rally—the Bull Market Hasn’t Begun”
