A popular fundamental crypto analyst says Bitcoin’s recent rally is fueled by the biggest spike in BTC purchases in years.
Willy Woo, a former partner at Adaptive Capital, tells his 156,000 Twitter followers that smart money is now investing in BTC.
“Who has been buying this rally? It’s smart money… high-net-worth individuals. You can see the average transaction value between investors taking a big jump upwards. OTC desks are seeing this too. Bitcoin is still in its stealth phase of its bull run.
Best of all we are not just seeing smart money flow in, it’s NEW smart money. Orange line is the rate of new investors coming in per hour previously unseen before on the blockchain. It’s seriously bullish.”
Woo says he remains bullish in the long-term, but he expects BTC to continue consolidating over the next couple of weeks.
“This price move was entirely organic, powered by significant buyer demand rather than the usual trader driven action on derivative exchanges. I have not seen an organic pump at this scale in years…
The spike in coin buying should not be underestimated, it’s the largest spike in the 5 year chart below. Overall BTC remains bullish, however price needs to settle.”
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Featured Image: Shutterstock/Tithi Luadthong
