A wave of high-net-worth investors are buying Bitcoin at an unprecedented pace, according to on-chain crypto strategist Willy Woo.
Woo cites aggregated network data that shows the number of Bitcoin addresses with 1,000 BTC or more is surging.
“Whale spawning season is here (1,000 BTC or more). Very high net worth individuals are coming in, in droves. This cycle is unlike any we’ve seen before.”
Woo is also highlighting data from the crypto analytics firm Glassnode that shows the amount of liquid BTC on the market has been on a steady decline since March of last year, when governments began printing money at rapid rates.
“The world has 47 million millionaires, 71% of them live in the US or EU. There’s only 14.9 million BTC in circulation, and only 4.1 million BTC are liquid and therefore able to be bought.
High-net-worth individuals just got notified they need an allocation. In my opinion, this is the reason why BTC rocketed past $23,000.”
With BTC showing no sign of slowing down in 2021, Woo says he believes it’s not too late for crypto newcomers to enter the market.
“If you think you’re late to the Bitcoin party, think again. Bitcoin’s risk adjusted returns has been at the same high levels for 6 years running. Clearly outperforming every other asset class since its inception.”
Woo recently predicted BTC could rise above $300,000 this year, with a rise above $100,000 as his most conservative price target.
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