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.
[adinserter block="1"]“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Bitcoin in bulk as the on-chain analytics platform shows that on March 23rd, 14,666 BTC worth over $800 million was withdrawn from crypto exchange Coinbase.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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