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Crypto Whales Pounce on Bitcoin in Sudden Buying Spree as User Growth Shatters All-Time Highs: Glassnode

Prominent on-chain analyst Willy Woo says deep-pocketed crypto buyers are pouncing on Bitcoin amid BTC’s rising fundamentals.

Woo says Bitcoin whales, or entities holding between 1,000 and 10,000 BTC, are immediately shopping for the main cryptocurrency.

“Whales: ‘Nom nom nom… BTC so yummy immediately.’”

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Source: Willy Woo/Twitter

The prime on-chain analyst provides that the abrupt BTC shopping for spree from whales comes as the variety of Bitcoin customers hits a recent 2021 excessive.

“Glassnode information: ‘Bitcoin consumer progress at all-time highs for 2021.’

CryptoTwitter merchants: ‘It’s positively a bear market.’”

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Source: Willy Woo/Twitter

In a brand new interview with veteran dealer Tone Vays, Woo says a key group of buyers is accumulating Bitcoin behind the scenes.

“Unbeknownst to the market proper now, the sturdy fingers are coming in and quietly, ever so barely, accumulating their cash. And so, we’re at ratios proper now of final seen at this level right here (March 2021), worth was round $48,000, $49,000 at this degree of provide shock, provide shock that means these guys that maintain these cash will not be promoting.”

Woo provides that the present exercise of sturdy BTC holders reminds him of Bitcoin’s worth motion almost a yr in the past when it was buying and selling simply above $10,000.

“Eventually, when these guys dominate, [there are] little or no cash available. We’re at a traditional fundamentals divergent from worth. Prices working down. All the technical merchants and chartists are tremendous bearish. They’re considering $20,000 as a result of that’s the subsequent Fib (Fibonacci) degree in main assist zone. Price motion seems to be prefer it’s confirming it. 

Meanwhile, we’ve bought this elementary divergence taking place with sturdy fingers mopping up the cash, and I’ve not seen this dimension of divergence since this zone right here (August 2020).”

Woo highlights that in August 2020, Michael Saylor’s enterprise analytics agency MicroStrategy started to closely accumulate BTC whereas the prevailing sentiment in the crypto markets was bearish. The on-chain analyst factors out that Bitcoin skyrocketed in the next months as it skilled a shock in provide.

“I bear in mind this very clearly. People had been very bearish and scared whereas long-term holders had been mopping the coin. That, ultimately, bounced the worth when the market realized {that a} provide shock was in play and ultimately the worth simply ran up.”

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Featured Image: Shutterstock/alphaspirit.it

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