The central theses
- In the latest podcast, “Uncommon Core”, Su Zhu said that the bull market “is definitely not over”.
- Zhu argued that although prices have fallen since mid-May, many key metrics suggest healthy adoption.
- He said the fears caused by China and Tesla drove investors to take profits.
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Su Zhu says the bull market still has leeway. On Uncommon Core’s latest podcast, the CEO and co-founder of Three Arrows Capital argued that current market sentiment has influenced current market sentiment.
Su Zhu is still bullish
Su Zhu, one of the top traders and investors in the crypto space, believes the bull market is not over yet.
In the latest Uncommon Core podcast, which Zhu moderates with crypto researcher Hasu, he said that he thinks the bull run is “definitely not over”. He claimed that it was responsible for the current market situation, which has been characterized by negative sentiment since the deep slump in Bitcoin and other assets in May.
Zhu acknowledged the May 19 crash, noting that notable events like Tesla’s suspension of bitcoin payments and China’s continued mining crackdown marked a turning point for investors to take profits. Then he pointed out key metrics such as daily transaction volume, active addresses and the annual total as healthy signs of acceptance. “People have trouble zooming out,” said Zhu. “Some of these coins have risen for nine months in a row, so I think the withdrawal, while very brutal, isn’t necessarily a sign that the entire market is over.”
He added that the recent Goldman Sachs report highlights the increasing interest of institutional clients in Bitcoin and Ethereum. The investment bank is preparing to offer ETH futures this summer and complement its existing Bitcoin products. Zhu said such developments are a sign of institutional interest in crypto assets.
Zhu is something of a cult figure in the crypto community. He has become known this year for advancing the narrative of a crypto super cycle, a phenomenon where the market would theoretically rise steadily over the years without entering a sustained bear market like 2018. Zhu shared his belief that crypto is entering a super cycle fueled by continued mainstream adoption.
Zhu’s mutual fund Three Arrows Capital holds more than $ 1 billion in Grayscales Bitcoin Trust. It also invests in other Layer 1 chains like Ethereum and Polkadot, funds, crypto companies, and several DeFi applications.
Disclaimer: The author was holding ETH and several other cryptocurrencies at the time of writing.
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