Analyst: Strong BTC buying pressure suggests bull run is not over

Strong buying pressure for Bitcoin across cryptocurrency exchanges suggests that the current bull cycle has not yet ended, according to an analysis by CryptoQuant contributor CoinCare. The contributor noted that the market buy-sell ratio in the Bitcoin perpetual futures market surged to 1.17 yesterday, its highest level since January 2023. This figure reflects the strongest daily buying sentiment of the current cycle and is a typical signal seen in the early to mid-stages of a cycle when liquidity and structural fund flows are accelerating rather than slowing down. This trend follows the decision by global asset manager Vanguard to permit trading of spot Bitcoin ETFs, which could open the market to over 50 million investors and increase the likelihood of institutional capital inflows. Additionally, key macro liquidity indicators appear to be bottoming out and rebounding. CoinCare explained that Bitcoin bull markets have historically occurred during the initial recovery phase of a liquidity cycle, not at its peak. Taking these factors into account, the analysis concludes that the current bull market has not yet reached its apex and a further rally is highly possible. However, financial instability from Japan and the lack of a definitive trend reversal signal remain risk factors.