Top on-chain analyst Willy Woo says the entire ecosystem of Bitcoin buyers is telling him that the BTC market remains largely bullish.
In a new tweetstorm, Woo informs his 723,300 followers that he sees an immense distribution phase playing out in Bitcoin.
“Bitcoin continues to distribute coins evenly. Publicly held and retail entities continue to gain more control of the supply while whales are reducing their control.”
According to Woo, the even distribution of BTC’s supply is good for the long-term health of Bitcoin as it promotes decentralization.
“Remember [that] the gold standard failed as a monetary standard due to centralization of the supply.”
The on-chain analyst also highlights that retail traders, or entities holding less than 10 BTC, are powering the current phase of the Bitcoin bull market.
“Retail drives macrocycles. When retail stack their [satoshis] at an increased rate, like they are doing right now, it’s the fundamentals saying we are in the middle of a bull market. I repeat, middle of a bull market. Traders were in disbelief two months ago when this data was shown.”
Additionally, Woo says that whales, or entities holding at least 1,000 BTC, are also continuing to purchase the leading cryptocurrency.
“Whales think coins are cheap right now. Whales are opportunists. They’re in a decade-long diversification plan selling into every bull market, having made their money. But they do take the opportunity to buy when they see a strong rally ahead, like right now.”
Finally, Woo notes that public corporations are also in the midst of accumulating Bitcoin while BTC supply on crypto exchanges continues to dwindle.
“Publicly held coins show bullishness. Corporates are long-term holds. They are increasing. Speculative inventories at exchanges are depleting as long-term buyers step in.”
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Featured Image: Shutterstock/Yurchanka Siarhei
