Original author: cyclop, Crypto KOL

Original translation: Felix, PANews

As crypto markets plunge, the Fear & Greed Index is now at 26, almost a year low. The last time it was at this level, SOL was at $11. Previously, the index was this low in January 2023, September 2023, and July 2022, and the market then started to rise. Everyone says to "sell on greed and buy on fear", but only 1% of people actually do it.

Many people believe that the bull market is over, but crypto KOL cyclop believes that the bull market has not even begun. Why is cyclop so confident? Here are 10 reference indicators he listed.

Stablecoin Index

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

Trading volume

Despite the higher price of Bitcoin, trading volumes are much lower now compared to 2021. Retail participation is extremely low, so once retail participation increases, the market will rise.

YT Metrics (YouTube Views)

Compared to the previous cycle, the YT indicator has decreased by about 5 times. In 2021, Bitcoin was worth $70,000 and had 4 million page views per day. Now, Bitcoin is worth $70,000 and has about 800,000 page views per day. This shows that retail investor interest is still low and there is room for growth.

BTC.D (Bitcoin market capitalization share)

The chart below shows the BTC market cap as a percentage of the total cryptocurrency market cap. Since April, BTC.D has been consolidating in the 54% to 57% range. Once BTC.D falls below this range, it will mark the beginning of the altcoin season.

Coinbase Download Ranking

When Coinbase becomes the most downloaded app, it has historically signaled that it is time to exit the market. This trend may repeat, but it is far from happening at the moment. (The chart below shows that it is currently ranked 13th)

Google Trends

Google Trends searches for Bitcoin, cryptocurrency or altcoins are still well below 2021 levels. Looking at global trends over the past 5 years, current search interest is 2.5 times lower than in 2021.

Fed Trends

The chart below shows that when the Fed injects liquidity: buys assets, the balance sheet trends upward, and vice versa. It is critical to follow this trend because this reversal will increase liquidity in traditional financial markets and then crypto markets.

Global Net Liquidity Index

The indicator monitors the assets held by central banks and the Federal Reserve. Global liquidity is currently in a consolidation phase. However, the charts suggest that change is coming.

VC Investment

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

Total Crypto Market Cap (excluding top 10)

OTHERS/BTC (excluding the total market capitalization of the top 10 cryptocurrencies) 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 to come.

If you think you’re crazy to believe this, understand that even GCR is bullish.