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The chief executive of a prominent crypto analytics firm believes that the Bitcoin (BTC) bull market has enough fuel to witness more rallies. CryptoQuant CEO Ki Young Ju tells his 401,300 followers on the social media platform X that demand for Bitcoin spot market exchange-traded funds (ETFs) is still going strong, indicating that deep-pocketed investors are positioning for more BTC rallies. Ki notes that he thinks BTC will print a market cycle top once demand for Bitcoin ETFs tapers off. “The Bitcoin bull cycle isn’t over. The buying engine for paper Bitcoins is still running. In 2021, the downturn came two months after GBTC (Grayscale Bitcoin Trust) inflows dried up. No need to rush calling the cyclical top until ETFs, MSTR (MicroStrategy), and institutional buying slow down.”  Source: Ki Young Ju/X At time of writing, Bitcoin is trading for $99,669. Turning to altcoins, Ki believes that investors will see alts in a different light in five years...

Meanwhile, US Federal Reserve Chair Jerome Powell in a testimony to the US House Financial Services Committee revealed that the interest rate pause is temporary. He added that more rate hikes are likely as inflation remains higher than its target. According to CME FedWatch Tool, the probability of a 25 bps hike at the July 26 FOMC meeting jumped to 80%. advertisement Also Read: JPMorgan, Amazon, IMF, Central Banks Contributes To Singapore Digital Currency Standards Crypto Market Recovery: Bitcoin, Ethereum, Altcoins Rally Traders expected it as another short squeeze event triggering massive market recovery, anticipating that the prices would retrace again. However, CryptoQuant CEO Ki Young Ju revealed that it is not a short squeeze and someone is buying a lot of Bitcoin (BTC). Bitcoin Short Squeeze Ratio. Source: CryptoQuant The market recovery fueled by BlackRock iShares spot Bitcoin ETF filing with the US SEC last week led other financial giants to follow w...