Crypto Quant首席执行官Ki Young Ju在比特币市场上分享了他的想法

在对加密货币市场当前位置Ki Young Ju的当前位置的周到评估中，Crypto Quant的首席执行官分享了他对比特币市场的想法

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的首席执行官Ki Young Ju最近上了X分享他对比特币市场当前位置的想法。

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.

随着加密货币市场继续导致机构参与和流动性转移的潮流，JU是加密货币领域中的知名人物，分享了他对新市场参与者的作用以及利润促进行动的影响的看法。

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

在快速变化的时代，他的见解可以瞥见比特币市场的复杂性。

Last Bitcoin bull cycle was a musical chairs

最后的比特币牛周期是音乐椅

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通过回顾最后的比特币牛周期开始了他的分析。在考虑鲸鱼的活动时，矿工和新的零售投资者正在进出市场。当时，许多投资者发现自己陷入了“音乐椅游戏”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.

从本质上讲，发生的事情是，当流动性干燥并且鲸鱼在高点退出时。这引起了抛售的连锁反应，这使得降低了价格。该模式表明，一旦大型球员发挥了自己的作用，市场可能会迅速发展。

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.

据他说，市场带来了不稳定的情况，在这种情况下，只有那些有深层口袋的人才能在价格恶习中幸存下来。尤其是散户投资者，通常留给袋子。

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并没有注销机构参与者和其他新流动性来源的重要性。这些新进入者能够将市场脱离零售和鲸鱼驱动的波动。

New liquidity sources may change the market

新的流动资源可能会改变市场

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在他的帖子中感谢比特币交易不断发展的景观。与早期的散户投资者和鲸鱼统治市场时不同的周期不同，当前市场由机构参与者提供支持。它们包括大型投资者，ETF，甚至包括MicroStrategy之类的人。这些新的流动性来源正在逐渐与历史金融市场融合，从而创造了变化。这种转变从比特币交易的较高投机性方面到一个有组织的机构。

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.

随着机构利益的增加，对于投资者而言，注意新流动性的流动非常重要。这次，KI认为，对于比特币的发展，新机构资本的激增可能是一个成败的。 ETF和大型参与者的到来被视为从短期投机转向长期投资，这应该降低波动。

Profit-taking amid uncertainty

在不确定性的情况下获利

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补充说，机构参与本身被乐观所包围。但是他对广阔的市场负责人持谨慎态度。随着新的流动性流入市场，他假设现有指标没有显示公牛或熊案。市场似乎处于某种困境，陷入了中间。获利行为是这里的主要因素。

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.’

随着机构参与者和鲸鱼逐渐退出市场，市场上可能会有短期撤退。这是货币制造商的很大一部分退出最近的收益。 Crypto Quant CEO补充说，市场指标“在边界周围徘徊”，这意味着我们朝着僵局待定的方向陷入困境。他承认最近的价格行动很好，但他对新的公牛跑步边缘的市场持谨慎态度。就目前而言，投资者必须意识到在这种环境中如何实现利润。他特别强调的是，“如果流动性继续转移，可能会以意外的背部淡出而感到惊讶。”

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.

尽管到目前为止看涨了2023年，但加密货币交易员仍在为未来的动荡做好准备。随着主要的机构参与者的目标是新的参与水平，市场势头可能会迅速转变。