Bitcoin · Bitcoin Magazine
CryptoQuant research flags that bitcoin flows to derivative exchanges have started again
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And another analyst at the firm, Theophiluspep, wrote that while the coin was entering a bull market, “spot demand, ETF flows, and market momentum have turned decisively bullish, but elevated profit-taking, exchange inflows, and overbought conditions suggest a potential near-term cooldown.”
Key facts
- It is currently up 22% over a seven-day period and was recently priced at $78,716
- Data from Farside Investors shows that the funds, managed by the likes of BlackRock, Fidelity, Grayscale, and Morgan Stanley, received $1.9 billion in new cash
- Its rise comes after a sluggish June and July when it mostly traded below $65,000
- U.S. investors last week reversed course and bought up shares in the bitcoin exchange-traded funds, which had their best week since October, the same time bitcoin notched its record of $126,080
Summary
Bitcoin is doing what it has done in previous cycles when it has entered a bull market. That’s according to analysts at crypto research firm CryptoQuant, who say the coin is behaving like it has done in the past. Ju Pointed to movements bitcoin made in its last cycle before entering a bull market, and said the coin was currently doing the same thing. CryptoQuant research shows that bitcoin flows to derivative exchanges have started again, confirming that traders have entered “risk-on” mode, which “has marked the start of a new bull cycle” in the past.