In a recent tweet, he told his more than 124,000 followers that he believes the time has come to put all of his chips in the world’s largest cryptocurrency.
To support his bullish indication, Ki Young Ju highlighted the correlation between the Bitcoin price and the stablecoins index. According to him, this metric divides BTC reserves by all stablecoin reserves stored on exchanges.
As the executive explained, a drop in the proportion of stablecoin indicates that Bitcoin and the cryptocurrency market in general may be preparing for the next bullish step.
“The cryptocurrency market is getting better and better in terms of supply / demand. Relatively, there are many stablecoins on all exchanges, thanks to the increase in the USDC. BTC’s holdings are rapidly decreasing, ”he said.
Stablecoins issue a buy signal
In addition, Ki Young Ju stated that the stablecoin market is sending buy signals to investors.
“For all stablecoins, the number of issuing events is increasing and the number of redemption events is decreasing,” he said.
According to the executive, this indicates that the flow of dollars from these cryptocurrencies is being catalyzed into Bitcoin. He also commented that the circulating stablecoins reached a historic record recently.
“Fewer people withdrawing money, more people buying stablecoins to buy cryptocurrencies. It is optimistic ”, he said.
On March 17, when Bitcoin threatened to break $ 60,000, Ki Young Ju looked at the stablecoin market and tweeted that it would take more time before the BTC could start another high.
That’s because, according to him, there were many BTC holdings in dollars compared to stablecoins on exchanges.
Eight days after its tweet, BTC plummeted to $ 50,858, thus reinforcing its forecast.
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