Crypto Quant首席執行官Ki Young Ju在比特幣市場上分享了他的想法

在對加密貨幣市場當前位置Ki Young Ju的當前位置的周到評估中，Crypto Quant的首席執行官分享了他對比特幣市場的想法

Ki Young Ju, the CEO of Crypto Quant, recently took to X to share his thoughts on the current position of the Bitcoin market.

Crypto Quant的首席執行官Ki Young Ju最近上了X分享他對比特幣市場當前位置的想法。

As the cryptocurrency market continues to navigate a tide of institutional involvement and liquidity shifts, Ju, a known figure in the crypto sphere, shared his perspective on the role of new market players and the implications of profit-taking actions.

隨著加密貨幣市場繼續導致機構參與和流動性轉移的潮流，JU是加密貨幣領域中的知名人物，分享了他對新市場參與者的作用以及利潤促進行動的影響的看法。

His insights offer a glimpse into the complexities of the Bitcoin market in an era of rapid change.

在快速變化的時代，他的見解可以瞥見比特幣市場的複雜性。

Last Bitcoin bull cycle was a musical chairs

最後的比特幣牛週期是音樂椅

The Crypto Quant CEO begins his analysis by looking back at the last Bitcoin bull cycle. When considering the activity of the whale, miner, and the new retail investor there was thrashing in and out of the market. At the time, many investors found themselves stuck in a “game of musical chairs.”

Crypto Quant CEO通過回顧最後的比特幣牛週期開始了他的分析。在考慮鯨魚的活動時，礦工和新的零售投資者正在進出市場。當時，許多投資者發現自己陷入了“音樂椅遊戲”中。

Essentially, what happened was that when liquidity dried up and the whales exited at the high point. This caused a ripple effect of sell-offs, which acted to drive the price down severely. The pattern showed how quickly the market could move once the big players made their plays.

從本質上講，發生的事情是，當流動性乾燥並且鯨魚在高點退出時。這引起了拋售的連鎖反應，這使得降低了價格。該模式表明，一旦大型球員發揮了自己的作用，市場可能會迅速發展。

According to him, the market brings an unstable situation in which only those with deep pockets are going to survive the price vices. Retail investors, especially, were usually left with the bag.

據他說，市場帶來了不穩定的情況，在這種情況下，只有那些有深層口袋的人才能在價格惡習中倖存下來。尤其是散戶投資者，通常留給袋子。

However, Ki does not write off the importance of institutional players and other new liquidity sources in the market. These new entrants are capable of moving the market off retail and whale-driven volatility.

但是，KI並沒有註銷機構參與者和其他新流動性來源的重要性。這些新進入者能夠將市場脫離零售和鯨魚驅動的波動。

New liquidity sources may change the market

新的流動資源可能會改變市場

In his post, Ki Young Ju thanks the evolving landscape of Bitcoin trading. Different from earlier cycles when retail investors and whales dominated the market, the current market is powered by institutional players. They include big investors, ETFs, and even the likes of MicroStrategy. These new sources of liquidity are slowly mixing with the historic financial markets, creating a change. This shift runs from the higher speculative aspects of the trading of Bitcoin to a more organized, institutional one.

Ki Young Ju在他的帖子中感謝比特幣交易不斷發展的景觀。與早期的散戶投資者和鯨魚統治市場時不同的周期不同，當前市場由機構參與者提供支持。它們包括大型投資者，ETF，甚至包括MicroStrategy之類的人。這些新的流動性來源正在逐漸與歷史金融市場融合，從而創造了變化。這種轉變從比特幣交易的較高投機性方面到一個有組織的機構。

With increased institutional interest, it becomes very important for investors to pay attention to the flow of new liquidity. This time, Ki thinks that the surge of new institutional capital may be a make-or-break for where Bitcoin is headed. The arrival of the ETFs and big players is seen as a move away from short-term speculation into longer-term investment, which should reduce volatility.

隨著機構利益的增加，對於投資者而言，注意新流動性的流動非常重要。這次，KI認為，對於比特幣的發展，新機構資本的激增可能是一個成敗的。 ETF和大型參與者的到來被視為從短期投機轉向長期投資，這應該降低波動。

Profit-taking amid uncertainty

在不確定性的情況下獲利

The crypto quant exec adds that institutional participation is itself is surrounded by optimism. But he is cautious about the broad head of the market. As new liquidity is flowing into the market, he hypothesizes that the existing indicators do not show an bull or bear case. The market appears to be in some state of limbo, stuck in the middle. Profit-taking behavior is a major factor here.

Crypto Quant Exec補充說，機構參與本身被樂觀所包圍。但是他對廣闊的市場負責人持謹慎態度。隨著新的流動性流入市場，他假設現有指標沒有顯示公牛或熊案。市場似乎處於某種困境，陷入了中間。獲利行為是這裡的主要因素。

With institutional players and whales ramping up to exit the market, there could be short-term pullbacks in the market. This is when a significant part of the money makers pull out of recent gains. The Crypto Quant CEO adds that market indicators are “hanging around the borderline,” implying that we are in a stalemate pending direction. He admits recent price action has been good, but he is cautious about calling the market on the edge of a new bull run. For now, investors must be cognizant of how profit-taking can exist in such an environment. He has notably highlighted that ‘it might surprise us with unexpected back fades if liquidity continues to shift.’

隨著機構參與者和鯨魚逐漸退出市場，市場上可能會有短期撤退。這是貨幣製造商的很大一部分退出最近的收益。 Crypto Quant CEO補充說，市場指標“在邊界周圍徘徊”，這意味著我們朝著僵局待定的方向陷入困境。他承認最近的價格行動很好，但他對新的公牛跑步邊緣的市場持謹慎態度。就目前而言，投資者必須意識到在這種環境中如何實現利潤。他特別強調的是，“如果流動性繼續轉移，可能會以意外的背部淡出而感到驚訝。”

Despite a bullish 2023 so far, crypto traders are bracing for some turbulence ahead. As major institutional players take aim at new levels of participation, there's a potential for rapid shifts in market momentum.

儘管到目前為止看漲了2023年，但加密貨幣交易員仍在為未來的動盪做好準備。隨著主要的機構參與者的目標是新的參與水平，市場勢頭可能會迅速轉變。