Opinion: 10 data points show that the bull market has not really started yet
Written by:cyclop, Crypto KOL
Compiled by: Felix, PANews
As the crypto market plummets, the Fear and Greed Index is currently at 26, almost a year low. The last time it was at this level, SOL was at $11. In the past, the index was this low in January 2023, September 2023, and July 2022, and then the market started to rise. Everyone says to "sell when greedy, buy when fearful", but only 1% actually do it.
Many people think that the bull market is over, but crypto KOL cyclop believes that the bull market has not even started yet. Why is cyclop so confident? Here are 10 reference indicators he listed.
Stablecoin Index
The index tracks new capital entering the crypto market. It is currently far from the levels of previous cycles. Once liquidity increases, the market will grow accordingly.
Trading volume
Despite the higher price of Bitcoin, trading volumes are much lower now than in 2021. Retail participation is extremely low, so once retail investors participateXiaobai NavigationAs the rate increases, the market will rise.
YT Metrics (YouTube Views)
Compared to the previous cycle, the YT indicator has decreased by about 5 times. In 2021, Bitcoin was worth $70,000 and had 4 million page views per day. Now, Bitcoin is worth $70,000 and has about 800,000 page views per day. This shows that retail investor interest is still low and there is room for growth.
BTC.D (Bitcoin market capitalization share)
The following chart shows that BTC market capitalization accounts forcryptocurrency% of total market cap. Since April, BTC.D has been consolidating in a range of 54% to 57%. Once BTC.D falls below this range, it will mark the beginning of the altcoin season.
Coinbase Download Ranking
When Coinbase becomes the most downloaded app, historically, it’s a sign that it’s time to exit the market. This trend may repeat, but it’s far from happening at the moment. (As shown in the chart below, it’s currently ranked 13th)
Google Trends
Google Trends for Bitcoin,cryptocurrencySearch data for BTC or altcoins shows that it is still far below the levels of 2021. Looking at global trends over the past 5 years, current search interest is 2.5 times lower than in 2021.
Fed Trends
The chart below shows that when the Fed injects liquidity: buys assets, the balance sheet trends upward, and vice versa. It is critical to follow this trend because this reversal will increase liquidity in traditional financial markets and then crypto markets.
Global Net Liquidity Index
The indicator monitors the assets held by central banks and the Federal Reserve. Global liquidity is currently in a consolidation phase. However, the charts suggest that change is coming.
VC Investment
Venture capital in projects reflects market interest. The peak of financing occurred in 2021, coinciding with the peak of the cycle. Today, it is four times lower.
Total Crypto Market Cap (excluding top 10)
OTHERS/BTC（不包括前 10 名的cryptocurrency总市值）是山寨币市场行情的真实体现。目前，这一水平甚至比 2023 年 12 月还低，说明主要的增长还在后面。
If you think you are crazy to believe this, then understand that even GCR is bullish.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
The article comes from the Internet:Opinion: 10 data points show that the bull market has not really started yet
Alex and Mike bring a unique perspective to the intersection of finance, technology, and the regulatory environment that will shape the future of digital assets. Compiled by: Xiaobai Navigation Coderworld Host: Alex Thor, Head of Firmwide Research, Galaxy Digital Guest: Mike Novog…
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