10 pieces of data to interpret the current market: Has the bull market not really started yet?

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Original author: cyclop , Crypto KOL

Original translation: Felix, PANews

As the crypto market plummets, the Fear and Greed Index is now at 26, almost a year low. The last time it was at this level, SOL was at $11. In the past, the index was this low in January 2023, September 2023, and July 2022, and the market started to rise. Everyone says to sell when greedy, buy when fearful, but only 1% of people actually do it.

10 pieces of data to interpret the current market: Has the bull market not really started yet?

Many people think that the bull market is over, but crypto KOL cyclop believes that the bull market has not even started yet. Why is cyclop so confident? Here are 10 reference indicators he listed.

10 pieces of data to interpret the current market: Has the bull market not really started yet?

10 pieces of data to interpret the current market: Has the bull market not really started yet?

Stablecoin Index

The index tracks new capital entering the crypto market. It is currently far from the levels of previous cycles. Once liquidity increases, the market will grow accordingly.

10 pieces of data to interpret the current market: Has the bull market not really started yet?

Trading volume

Despite the higher price of Bitcoin, the volume is much lower now compared to 2021. Retail participation is extremely low, so once retail participation increases, the market will rise.

10 pieces of data to interpret the current market: Has the bull market not really started yet?

YT Metrics (YouTube Views)

Compared to the previous cycle, the YT indicator is about 5 times lower. In 2021, when Bitcoin was worth $70,000, the number of views per day was 4 million. Now, Bitcoin is worth $70,000, and the number of views per day is about 800,000. This shows that the interest of retail investors is still low and there is room for growth.

10 pieces of data to interpret the current market: Has the bull market not really started yet?

BTC.D (Bitcoin market capitalization share)

The chart below shows BTC market cap as a percentage of the total cryptocurrency market cap. Since April, BTC.D has been consolidating in a range of 54% to 57%. Once BTC.D falls below this range, it will mark the beginning of the altcoin season.

10 pieces of data to interpret the current market: Has the bull market not really started yet?

Coinbase Download Ranking

When Coinbase becomes the most downloaded app, historically, it鈥檚 a sign that it鈥檚 time to exit the market. This trend may repeat, but it鈥檚 far from happening at the moment. (As shown in the chart below, it鈥檚 currently ranked 13th)

10 pieces of data to interpret the current market: Has the bull market not really started yet?

Google Trends

Google Trends searches for Bitcoin, cryptocurrency or altcoins are still well below 2021 levels. Looking at global trends over the past 5 years, current search interest is 2.5 times lower than in 2021.

10 pieces of data to interpret the current market: Has the bull market not really started yet?

Fed Trends

The chart below shows that when the Fed injects liquidity: buys assets, the balance sheet trends upward, and vice versa. It is critical to follow this trend because this reversal will increase liquidity in traditional financial markets and then crypto markets.

10 pieces of data to interpret the current market: Has the bull market not really started yet?

Global Net Liquidity Index

The indicator monitors the assets held by central banks and the Federal Reserve. Global liquidity is currently in a consolidation phase. However, the charts suggest that change is coming.

10 pieces of data to interpret the current market: Has the bull market not really started yet?

VC Investment

Venture capital in projects reflects market interest. The peak of financing occurred in 2021, coinciding with the peak of the cycle. Today it is four times lower.

10 pieces of data to interpret the current market: Has the bull market not really started yet?

Total Crypto Market Cap (excluding top 10)

OTHERS/BTC (excluding the total market capitalization of the top 10 cryptocurrencies) is a true reflection of the altcoin market. Currently, this level is even lower than in December 2023, indicating that the main growth is still to come.

If you think you are crazy to believe this, then understand that even GCR is bullish.

10 pieces of data to interpret the current market: Has the bull market not really started yet?

10 pieces of data to interpret the current market: Has the bull market not really started yet?

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Introduction: OKX Web3 has specially planned the Security Special Issue column to answer different types of on-chain security issues. Through the most real cases happening around users, in collaboration with experts or institutions in the security field, dual sharing and answers from different perspectives are conducted, so as to sort out and summarize the rules of safe transactions from the shallow to the deep, aiming to strengthen user security education while helping users learn to protect their private keys and wallet assets from themselves. Thank you for your company all the way~ Finally! The Security Special Issue series initiated by the OKX Web3 Wallet Security Team has come to an end~ Don’t put it in your favorites and let it gather dust! Don’t wait a while to learn it either!…

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