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Bitcoin News: On-Chain Data Signals Potential End of Bull Cycle This Month

Bitcoin News: CryptoQuant CEO, by analyzing on-chain data, unveiled the potential timeline for the current Bitcoin bull cycle to end, catching the eyes of the investors.
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Bitcoin News: On-Chain Data Signals Potential End of Bull Cycle This Month

Highlights

  • Analyzing on-chain data to predict the potential timeline for the Bitcoin bull cycle to end.
  • Renewed investor interest seen in U.S. Spot Bitcoin ETF with significant inflows.
  • Bitcoin price slightly rises amid market volatility, with futures open interest fluctuating.

The recent surge in the cryptocurrency market, propelled by notable rallies in major coins like Bitcoin and Ethereum, has instilled optimism among investors. With significant events such as the approval of the U.S. Spot Bitcoin ETF and the Bitcoin Halving shaping the landscape, investors are now contemplating the potential duration of the ongoing bull cycle. 

Meanwhile, CryptoQuant founder Ki Young Ju has recently shared insights based on on-chain data, hinting at a possible timeline for the current bull cycle to end.

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Analyzing On-Chain Data for Bitcoin’s Bull Cycle End

CryptoQuant CEO Ki Young Ju has drawn attention to on-chain data to provide insights into the trajectory of Bitcoin’s bull cycle. Sharing a Bitcoin price chart on the X platform, Ju highlighted that the cryptocurrency is currently amid its bull cycle, with its market capitalization outpacing its realized cap. 

Meanwhile, he said that based on historical trends, such cycles typically last for about two years. So, considering the current pattern, he hinted that the current Bitcoin bull cycle might conclude by April 2025.

Source: Ki Young Ju, X

Notably, Ju’s analysis comes at a time of positive sentiment in the crypto market, with the U.S. Spot Bitcoin ETF witnessing significant inflows this week. According to Farside Investors data, the ETF recorded inflows exceeding $726 million over the past four days, reflecting renewed investor interest. 

Commenting on the development, Bloomberg Senior ETF analyst Eric Balchunas noted the ETF’s robust performance, with inflows totaling $1.3 billion over the past two weeks. He said that the significant inflow this week has helped offset previous outflows and reinstating confidence among investors.

Source: Eric Balchunas, X

Also Read: Tether Pumps Liquidity With $1 Billion USDT Mints in 12 Hours, Crypto Market Rally Soon?

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Market Sentiment Amid Regaining Momentum

The crypto market enthusiasts seem to be regaining confidence in the digital asset space, as evidenced by the recent performances of cryptos like Bitcoin, Solana, and others. Notably, the recent U.S. Consumer Price Index (CPI) data has contributed to bolstering investor confidence. 

The data revealed a cooling of inflation in April compared to the previous month, indicating a potential shift in the Federal Reserve’s hawkish stance on policy rates. If inflation continues to decline, it could prompt the Fed to reassess its monetary policy, potentially influencing market dynamics and investor sentiment in the coming months.

However, despite the positive developments, the volatility, although declined, seems to be dominating the market currently. According to CoinGlass data, the Bitcoin Futures Open Interest fell 1.36% over the last 24 hours while rising about 1.26% in the last four hours to 490.28K BTC or $32.65 billion.

Meanwhile, the Bitcoin price noted slight gains and traded at $66,440.54, up 0.53% from yesterday. On the other hand, the trading volume fell 23.31% to $30.20 billion, with the BTC touching a 24-hour high of $66,545.81. Over the last 30 days, the flagship crypto has gained nearly 7%, while noting a weekly surge of over 5%.

Also Read: Here’s How This Solana Trader Made $200K with $1.5K In 5 Mins

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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