July 27, 2021
Markets

This Group of Investors Drives Bitcoin Bull Markets, According to Analyst Willy Woo – And It’s Not Whales

Prominent on-chain analyst Willy Woo says that a particular investor cohort is the driving force behind Bitcoin (BTC) bull markets.

Woo claims that small holders, or entities that own less than one BTC, continue to stack Bitcoin as they outpace the selling of large entities or whales.

 

“Chart: Weekly net flows to small holders (of less than 1 BTC).

It’s retail that [drives] Bitcoin bull markets. When they stop buying, that’s a bear market warning. They haven’t stopped buying.

Last 30 days: Whales sold [4,000] BTC, plebs [retail] bought [31,000] BTC.”

Source: Willy Woo/Twitter

According to the top on-chain analyst, whales only influence the short-term price action of Bitcoin, a theory that runs contrary to the belief of many traders that large entities are the ones driving the state of the market.

“Whales only drive the [short-term]…

Read full article here: dailyhodl.com