Bitcoin Bull Run Over? Mati Greenspan Reveals a Shocking Analysis

Bitcoin bull run according to the eToro senior analyst Mati Greenspan is led by Japanese and Koreans. Bitcoin Volume in East Asia during the price spike has also been on the rise as he further explains the reason for the same.

Price spike led by Japanese & Koreans analyzes Mati Greenspan

Bitcoin has surged well above $8,000 and aiming for the $9,000 price level. Since last week, the bitcoin price has been constantly on the rise. From $6,380, Bitcoin has now crossed the $8k mark, the first time in two months.

Bitcoin enthusiasts and analysts alike are excited and hoping it to be the much-awaited bull run. A number of factors like Blackrock’s potential interest into the crypto market and positive news on the regulatory front seemed to fuel the bulls.

However, according to Mati Greenspan’s latest tweet, another side of the picture has emerged. The Senior analyst at eToro, Mati shared a series of graphs with the explanation that the bitcoin price surge has been led by Japanese and Koreans.

The surge above $8,000 was definitely led by East Asia. Take a look at bitcoin volumes in Japanese Yen and Korean Won at the time of the surge (13:30 – 15:00 on the chart).

In contrast, USD volumes had only a small spike and USDT (tether) remained constant through the movement. pic.twitter.com/fHdD8gRTTL

— Mati Greenspan (@MatiGreenspan) July 25, 2018

“And yet the premium between Korean exchanges and US ones is still negative???”

as put by a Twitter user.

“A clear testament to the improved liquidity of this market”

answered Mati.

Yesterday, he also shared how liquidity is improving in the market,

“A clear sign that bitcoin liquidity is improving. Even while we surge, the spread between different brokers remains tight. A year ago we would’ve seen differences of 20%+ in the price between different exchanges.”

He further explained the improved liquidity in the market with,

“My point is that all of the top exchanges are trading bitcoin at around the same price. A year ago, during the time of a surge, we would have noticed differences of hundreds of Dollars between brokers. This indicates that the market liquidity has vastly improved.”

Also, read: Bitcoin the “Digital Gold” Breaks out in a Bull Rally while Gold Struggling with Bears

Japanese flocking to BTC as govt. devalues Yen

Mati further shared the reason behind Japanese traders driving the bitcoin surge. On Monday, the bond yields of Japan jumped the most in two years over the reports of the Central Bank of Japan (BOJ) planning to tweak its monetary policy.

Japanese traders know what’s up!

Earlier this week Japan’s bond yields (blue line) had a massive spike on speculation that the Bank of Japan might take action. Bitcoin (green) has been flying ever since.

What would you do if your central bank was trying to devalue your money? pic.twitter.com/d6O6tOFKep

— Mati Greenspan (@MatiGreenspan) July 25, 2018

Crypto trader, Ran Neu Ner also commented on Mati’s analysis with “Japanese investors flock to BTC as the GVT devalues the YEN.”

In answer to the question of what is really going on, Mati shared,

“We don’t know what the BoJ might do. Speculation is that they could raise their interest rates, but traditionally Japan maintains the lowest rates in the market. So even if they come up to 1%, it isn’t likely to go beyond that….”

“Furthermore, Abe & Kuroda have a notorious “weak Yen” policy.

So no matter what they do to interest rates or bond purchases on Tuesday, we can probably assume that they’ll do their best not to strengthen the Yen.”

So, the question that rears its ugly head is, Does it mean the bulls step back or keep on charging? For now, Bitcoin is in the green and maintaining its above $8k stance while the crypto market is somewhat in the mix.