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# CryptoQuant Head States: Bitcoin’s Upward Surge Concluded; Substantial Investor Actions Might Spark Additional Cost Reductions
As per Ki Young Ju, the main person at CryptoQuant, the Bitcoin upward trend has come to a standstill, and the market is preparing for a downward trend or even consolidation in the near future.
In a current examination, Ki Young Ju anticipated that Bitcoin (BTC) will go through a “negative or horizontal cost pattern” throughout the following half year to a year. To back his decision, Ju shared a verifiable diagram featuring Bitcoin’s benefit and misfortune cycles from 2014 to 2024.
At the hour of composing, Bitcoin has diminished by almost 0.8% in the beyond 24 hours. As per information from crypto.news, the biggest digital currency by market capitalization is presently trading at $82,752. Bitcoin has been on a descending direction over the previous month, dropping by 15%.
## Substantial Investors Offloading Bitcoin Assets
In a different post, Ju shared his examination, which applies head part investigation to on-chain measurements like the proportion of market worth to acknowledged esteem, spent yield benefit proportion, and considers unrealized net benefit/misfortune. He utilizes this to ascertain a 365-day moving normal to distinguish turning points in the one-year moving normal pattern.
“Each on-chain marker is flagging a negative market. As new liquidity evaporates, new substantial investors are selling Bitcoin at lower costs,” Ju expressed in his post.
Not long after Ju delivered his examination, on-chain information uncovered that a substantial investor shut its Bitcoin short positions and benefitted $4.06 million in only three days. This substantial investor is known for opening a $200 million Ethereum (ETH) long position with 50x influence on Hyperliquid on March 12, making the stage lose $4 million.
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As indicated by SpotOnChain information, the substantial investor deposited roughly 17
In the past few days, dealers have noticed an increase in large financiers flocking to the Hyperliquid marketplace, using high positions to launch significant long and short positions. On March 17, a secretive whale attracted the interest of crypto dealers by launching a huge $450 million short position on Bitcoin with 40x influence.
After ending the position, this whale then spent $6.11 million to buy 3,202 ETH. Furthermore, the dealer sold $3.28 million in USDC to obtain 1,040 PAXG gold tokens.
Just a couple of days earlier, another whale transferred $82 million in USDC to Hyperliquid and used 40x influence to short Bitcoin. This address has since ended all positions and withdrawn roughly $21.88 million in USDC back to its wallet.
