Jiang Zhuoer, founder of the mining pool B.TOP, stated that the current capital flows in the cryptocurrency market do not signal the start of a new bull market, and pointed out the possibility of a final decline for Bitcoin following short-term growth.
According to data provided by Jiang Zhuoer, the trend of funds outflowing from the stablecoin supply in the cryptocurrency market continues. Over the past month, the total market capitalization of stablecoins has decreased by approximately 2.23 billion dollars.
During this period, the market capitalization of Tether (USDT) dropped from 184.2 billion dollars to 183.1 billion dollars, and the market capitalization of USD Coin (USDC) fell from 73.28 billion dollars to 72.15 billion dollars.
Zhuoer argued that the decrease in stablecoin supply indicates that the influx of new capital into the market remains weak, and that current funding conditions are not conducive to the start of a bull market.
Zhuoer stated that Bitcoin could recover in the short term, predicting that the price might reach a high of 68,000–70,000 dollars. According to the analyst, after short positions are closed during this rise, Bitcoin could experience a "final drop."
*This is not investment advice.
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