- Behold, the ominous dance of market cap versus realized cap, a historical harbinger of bearish woes ๐ป๐
- The once relentless surge of Tether’s reserves now stands still, a sign that the buying power may have found its zenith ๐ซ๐ธ
In the grand tapestry of global finance, the M2 money supply, embracing all from the mighty dollar to the humble yuan and the sophisticated euro, embarked upon a parabolic ascent in the year of our Lord2025, while Bitcoin, that digital enigma, merely consolidated.
History whispers that such divergences are but fleeting shadows, suggesting Bitcoin might yet soar. ๐
Yet, lo and behold, the trade war, a spectacle ignited by the United States, has cast a pall over investor spirits. China, not one to shy away from the fray, retaliated with a tariff of34% on the second day of April, deepening the chasm and dragging the crypto market into its tumultuous wake. ๐ช๏ธ
The Bearish Ballet of Bitcoin
The Bitcoin spot ETFs, once stalwart, now falter under the weight of pessimistic macroeconomic forecasts, victims of the ongoing trade skirmishes.
Blackrock’s IBIT, a beacon amidst the gloom, saw inflows, yet most others faced the relentless tide of selling pressure, painting a portrait of bearish sentiment in the short-term. ๐๏ธ๐
In the midst of this somber scene, the CEO and Co-Founder of the esteemed CryptoQuant dared to proclaim, “The bull cycle is over.” ๐ฃ๏ธ๐
Is the Bitcoin Bull Truly Vanquished?
On the platform known as X, he unfurled the banner of the Realized Cap, a metric more reflective of the capital flowing into Bitcoin, contrasting it with the Market Cap, a mere product of price and supply.
With the365-day Moving Averages as his tools, he revealed a decline in the delta growth, a sign of the realized cap’s ascent amidst the market cap’s descent, a trend noted since the twilight of2024.
Ki Young Ju, with a touch of solemnity, declared that without capital inflows propelling prices, we tread upon bearish ground. The delta’s negative trend echoed the bear market’s call. A dรฉjร vu from December2021, post the $69k zenith, hinted at a prolonged bearish sojourn, with no rally in sight for another half-year. ๐๐ฎ
Realized cap data, a harbinger of bearish tidings, clashed with the rising global M2, a beacon of burgeoning buying power. The Tether reserve’s growth stalling mirrored past market tops, yet no cycle-top metrics have reached the fever pitch of yore.
Thus, the stage is set for a potential bear market encore, yet the final act remains unwritten, shrouded in the mists of uncertainty. ๐ญ๐
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2025-04-06 20:12