On-chain data expert Willy Woo says long-term Bitcoin holders are quietly accumulating BTC while it corrects.
In a new tweet, the on-chain analyst highlights that BTC holders with very little history of selling are scooping up the flagship crypto asset even as it continues to consolidate.
“Anyone selling right now is cray cray. Seriously strong long-term holders are buying this dip.”
According to Woo, on-chain data suggests that an unannounced US-based institutional investor could be behind a large Bitcoin transaction that contributed to the decline of the total balance of BTC on all exchanges from about 2.43 million to under 2.42 million in a single day.
“1st chart is coins being scooped off exchanges (it’s mainly Coinbase, meaning a US entity, and at the scale of the withdrawal it’s likely an institutional yet to be announced buyer).”
CryptoQuant supports Woo’s thesis that a high-rolling entity is buying Bitcoin in bulk as the on-chain analytics platform shows that on March 23rd, 14,666 BTC worth over $800 million was withdrawn from crypto exchange Coinbase.
“14.600 BTC flowed out from Coinbase in the last hour.”
The huge buying activity comes as Bitcoin enters its 11th-day of consolidation after printing an all-time high of $61,683 on March 13th. At the time of writing, BTC is trading at $54,972, according to CoinMarketCap.
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