Ng Declares Bull Market ‘Endgame’ as ETH/BTC Reaches 0.04
Trader Eugene Ng Ah Sio told COINOTAG News on August 24 that the crypto market is entering the endgame of the bull cycle that began in January 2023. He highlighted that both Bitcoin and Ethereum have reached high valuations and noted that the ETH/BTC ratio hit 0.04 — his target level. With ETH/BTC at this milestone, Ng shifted his strategy from aggressive Martingale momentum trades to capital preservation. He retains selective long exposure but has materially reduced net positions while monitoring the market net asset value (mNAV) indicator to guide any significant re-entry. Ng expects sector valuations to compress versus mNAV as the cycle resolves, suggesting a cautious stance for traders in the coming months.
Bearish
Trader Eugene Ng’s declaration of a bull market “endgame” and shift to capital preservation injects a cautious tone into the market, suggesting a bearish near-term outlook. Historically, when leading market participants announce a move to safeguard gains, it precedes consolidation or correction phases. For instance, in previous cycles, similar warnings by major traders occurred before Bitcoin’s mid-cycle corrections in 2017 and 2021.
Ng’s target achievement of an ETH/BTC ratio of 0.04 indicates Ethereum’s outperformance relative to Bitcoin has peaked for this phase. His strategy reduction in net positions removes buying pressure, potentially leading to sideways or downward price movement as marginal buyers pause. Monitoring the mNAV indicator further implies he anticipates valuation compression across sectors, reinforcing a risk-off environment.
In the short term, traders may reduce leverage and tighten stop-loss levels, increasing volatility as bids thin out. Over the longer term, if mNAV supports re-entry at lower valuations, a new accumulation window could open, but only after a period of consolidation. Overall, Ng’s stance points to a bearish outlook in the coming months, with caution prevailing until clear buy signals emerge.