From its high of $99,531 on November 23, bitcoin, the world's leading digital asset, is now trading at <a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin” target=”_blank” rel=”noopener nofollow”>$92k to $93k levelleading many to speculate that its historic price streak has ended. However, for CryptoQuant CEO Ki Young Ju, the alpha coin's current price action is not a cause for concern.
In a twitter/x post, Ki Young shared that retail bitcoin investors are not yet in “FOMO” (fear of missing out) mode. Current retail activity, he says, shows no signs of excessive enthusiasm or panic.
Ki Young explained that there is still an increase in trading activities in the spot, futures and stock markets.
Are Retail Investors Feeling the 'FOMO' on Meme Coins?
In a twitter/x post last November 26, Ki Young argued that retail btc investors are not yet feeling the thrill of missing out. Market indicators, he says, point to neutral market sentiment, the same position he has maintained since April, when the leading digital asset was trading at $64,000.
<blockquote class="twitter-tweet”>
<a target="_blank" href="https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin Retail investors are not in FOMO yet. pic.twitter.com/DiGcChyNWt
– Ki Young Ju (@ki_young_ju) <a target="_blank" href="https://twitter.com/ki_young_ju/status/1861405468633243751?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>November 26, 2024
During the last bitcoin bill run, retail market FOMO peaked in January 2021, when the asset was trading above $30,0000, driving the price to an all-time high of $69,000.
Although bitcoin retested the $100,000 mark many times last week, market watchers say retail investors still need to invest heavily.
Recent price drops due to macroeconomic environment
According to observations by QCP Capital, the successive price declines of bitcoin can be attributed to the existing macro environment. Many factors now prevent bitcoin from continuing its <a target="_blank" href="https://www.investopedia.com/bitcoin-price-usd100000-so-near-yet-so-far-whats-next-crypto-8752013″ target=”_blank” rel=”noopener nofollow”>push towards $100k.
According to QCP Capital, bitcoin is facing pressure from the possible release of economic data such as the FOMC minutes and the PCE report. Additionally, bitcoin was overbought following skyrocketing price action following the US election.
No need to worry?
However, QCP Capital noted that this is not a cause for concern and that sentiment for digital assets remains bullish.
According to on-chain data, millions of dollars were liquidated in the last 24 hours and around $438 million in ETF outflows were recorded on November 25.
<blockquote class="twitter-tweet”>
2/ No immediate catalysts: With the US holidays approaching and important economic data like tonight's FOMC minutes and tomorrow's PCE report, the market lacks momentum to push <a target="_blank" href="https://twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#btc
—QCP (@QCPgroup) <a target="_blank" href="https://twitter.com/QCPgroup/status/1861341805381591389?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>November 26, 2024
For the CEO of CryptoQuant, market participation is not slowing down. According to market indicators, trading is booming on all exchanges, markets and banknotes. According to CryptoQuant analysis, retail investors are feeling the “FOMO” on meme coins, particularly Dogecoin.
Featured image from CNBC, chart from TradingView
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