Crypto Bull Market “Definitely Not Over”: 3AC’s Su Zhu

Crypto Bull Market "Definitely Not Over": 3AC's Su Zhu

Key Takeaways

On the latest Uncommon Core podcast, Su Zhu said that the bull market is “definitely not over.”
Zhu argued that while prices have fallen since mid-May, many key metrics point to healthy adoption.
He said that fears caused by China and Tesla prompted investors to start taking profits.

Share this article

Su Zhu says that the bull market still has room to run. In the latest Uncommon Core podcast, the Three Arrows Capital CEO and co-founder argued that recency bias had influenced the current market sentiment.

Su Zhu Still Bullish

Su Zhu, one of the crypto space’s top traders and investors, thinks that the bull market is not done yet.

Speaking on the latest Uncommon Core podcast, which Zhu hosts alongside crypto researcher Hasu, he said that he thought the bull run was “definitely not over.” He claimed that recency bias was responsible for the current condition of the market, which has been characterized by negative sentiment since Bitcoin and other assets took a deep plunge in May.


Zhu acknowledged the May 19 crash and remarked that notable events such as Tesla halting Bitcoin payments and China’s ongoing mining crackdown created a turning point for investors to start taking profits. He then pointed to key metrics like daily transaction volume, active addresses, and year-on-year total value locked as healthy signs of adoption. “People have trouble zooming out,” Zhu said. “Some of these coins went up for nine months straight so I think the pullback, while it was very brutal, is not necessarily a sign that the whole market is over.”

He added that the recent Goldman Sachs report highlighted increasing interest from institutional clients in both Bitcoin and Ethereum. The investment bank is preparing to offer ETH futures this summer, adding to its existing Bitcoin products. Zhu said that such developments are a sign of the institutional interest in crypto assets.

Zhu is something of a cult figure in the crypto community. He’s become known this year for pushing the narrative of a crypto “supercycle,” a phenomenon that would theoretically see the market steadily rise over the course of years without entering a sustained bear market like it did in 2018. Zhu has shared his beliefs that crypto is experiencing the start of a supercycle fueled by ongoing mainstream adoption.

Zhu’s investment fund Three Arrows Capital holds more than $1 billion in Grayscale’s Bitcoin Trust. It also invests in other Layer 1 chains like Ethereum and Polkadot, funds, crypto companies, and several DeFi applications.

Disclaimer: The author held ETH and several other cryptocurrencies at the time of writing.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Bitcoin Plunges, Rebounds on Elon Musk Tweets

After Tesla’s U-turn on receiving Bitcoin payments, Elon Musk caused the crypto market to plunge by responding to a post suggesting that Tesla may sell its Bitcoin holdings. The market…

What is Kusama? How Polkadot’s playground accommodates blockchain de…

Kusama is relatively young and was founded in 2019 by Dr. Gavin Wood, who also founded the Web3 Foundation and co-founded Ethereum. The team behind Kusama is essentially the same…

Goldman Sachs to Offer Ethereum Futures: Report

Expanding to Ethereum: Goldman eyes the number two crypto. Goldman Plots Ethereum Move  Goldman Sachs is looking beyond Bitcoin for its crypto offerings.  Bloomberg reported that the investment bank plans…

Bitcoin Closing in on Biggest Monthly Dip Since 2011

Bitcoin is down over 36% in May with hours left until the monthly closing. Ethereum has dipped 9% this month. Bitcoin’s Big Correction  Bitcoin looks like it’s about to close…

Source link


Be the first to comment

Leave a Reply

Your email address will not be published.