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In a recent series of tweets starting March 29, Ki Young Ju, Chief Executive Officer of Crypto Insights platform CryptoQuant, said it is now time (for him) to go All-In on Bitcoin.
The CEO already told his followers a week ago when the latest correction set in, not to worry that the bull-run is over and that he would be “ready to buy the dip.”
Ki Young Ju first send a tweet out accompanied with a chart showing Bitcoin outflow from Coinbase, referring to large outflow around March 25 saying:
“Punting a short on $BTC now looks not a good idea. Less likely to go below 52k as institutions might have bought $BTC at that level.”
The chart is showing clear resemblance to previous upward runs that coincided with BTC being taken off the exchanges.
Not long after Ki Young Ju said “I think it’s time” when he retweeted his March 23 message where he said:
“But I’ll patiently wait till on-chain supply/demand indicators say “all-in.””
So now the time has arrived. To further back up his call, Ki Young Ju points to a metric that considers BTC reserves vs all stablecoins stored on exchanges. According to him, a drop in this metric is an indication that the crypto market in general is readying for a next step:
“The crypto market is getting better in terms of supply/demand. Relatively many stablecoins across all exchanges thanks to the rise of USDC. BTC holdings are decreasing fast. Here’s the ratio that BTC holdings in USD divided by stablecoins holdings across all exchanges.” As is shown on the following chart.
He then said:
“For all stablecoins,
# of issuing event is increasing
# of redeeming event is decreasing
And stablecoins circulating supply & exchange holdings hit an all-time high yesterday.”
The CryptoQuant CEO ended this session of ‘free’ advice by concluding:
“Fewer people cashing out, more people buying stablecoins through fiat to purchase crypto. It’s bullish.”
