Cryptoquant Sees Signs of Bull Season in Cryptocurrency Markets

The on-chain analysis platform Cryptoquant has detected early signs of a new bull season in the cryptocurrency markets. Analysts are optimistic in the medium and long term, while noting a risk of correction in the short term. It was reported that CryptoQuant's Bull Score Index rose from 30 to 80 within a week. Analysts emphasized that market movements are bullish and significant purchases are occurring in the spot market. However, there are also some data that could create selling pressure in the short term. In particular, it was noted that whales, who are large investors, have taken profits during recent rallies. On August 20, a profit of $614 million was realized. Additionally, it was stated that the unrealized profit rate is over 20% above the average cost. This situation indicates that investors may be able to achieve more profits in the upcoming period. It was emphasized that to confirm a new bull market, the 365-day moving average must exceed $83,000.

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