Don't exit just yet, 10 pieces of data indicate that the bull market has not truly begun

Original source: cyclop X account

Author: cyclop, Crypto KOL

Compiled by: Felix, PANews

As the crypto market plummets, the Fear and Greed Index currently stands at 26, nearly reaching a one-year low. The last time it was at this level, SOL was still at $11. This index has also dropped to such lows in January 2023, September 2023, and July 2022, after which the market began to rise. Everyone says to "sell when greedy and buy when fearful," but in reality, only 1% of people do so.

Many believe the bull market has ended, but crypto KOL cyclop thinks the bull market hasn't even started yet. Why is cyclop so confident? Here are 10 reference indicators he listed.

Stablecoin Index

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

Trading Volume

Despite Bitcoin's high price, the current trading volume is much lower compared to 2021. Retail participation is extremely low, so once retail participation increases, the market will rise.

YT Indicator (YouTube Views)

The YT indicator has decreased by about 5 times compared to the previous cycle. In 2021, Bitcoin was valued at $70,000 with daily views of 4 million. Now, with Bitcoin priced at $70,000, daily views are around 800,000. This indicates that retail investor interest is still very low, leaving room for growth.

BTC.D (Bitcoin Market Cap Dominance)

The chart below shows the percentage of Bitcoin's market cap relative to the total cryptocurrency market cap. Since April, BTC.D has been consolidating in the range of 54% to 57%. Once BTC.D breaks below this range, it will signal the start of altcoin season.

Coinbase Download Ranking

Historically, when Coinbase becomes the most downloaded app, it signals a market exit. This trend may repeat, but it is far from being realized at the moment. (The chart below shows it currently ranked 13th)

Google Trends

Search data on Google Trends for Bitcoin, cryptocurrencies, or altcoins shows that it is still far below the levels of 2021. Over the past 5 years, current search interest is 2.5 times lower than in 2021.

Federal Reserve Trends

The chart below shows that when the Federal Reserve injects liquidity: buying assets leads to an upward trend in assets and liabilities, and vice versa. Following this trend is crucial, as such reversals will increase liquidity in traditional financial markets, followed by the crypto market.

Global Net Liquidity Index

This indicator monitors the assets of central banks and the Federal Reserve. Global liquidity is currently in a consolidation phase. However, the chart indicates that a change is imminent.

VC Investment

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

Total Crypto Market Cap (Excluding Top 10)

OTHERS/BTC (total market cap of cryptocurrencies excluding the top 10) 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 ahead.

If you think it's crazy to believe this, then you should understand that even GCR is bullish.