The co-founder and CEO of CryptoQuant says Bitcoin (BTC) whales are in “risk-on mode,” signaling a bull market.
Crypto analyst Ki Young Ju tells his 327,800 followers on the social media platform
“Bitcoin whales are still in risk mode and sending BTC to derivatives exchanges.”
The analyst’s chart shows the ‘interexchange flow pulse’, an indicator that measures the cumulative net flows over a year between cryptocurrency exchange Coinbase and derivatives exchanges.
When the measure rises, it indicates that investors are transferring more BTC from spot exchanges to derivatives exchanges, meaning they are willing to take on more risk.
The analyst’s chart shows that when the indicator rises above the 90-day moving average (MA) of the same indicator – as is the case now – Bitcoin is in a bull market. A similar pattern occurred in 2017 and 2019-2021. When the indicator falls 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 dramatically when the bull run begins?
Interexchange Flow Pulse: Will a ‘risk-on’ attitude return to the crypto market in 2023?”
BTC is worth $27,423 at the time of writing, down 1.3% in the past 24 hours.
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Generated image: Midjourney
