According to Willy Woo, a top on-chain analyst, more whales (entities or persons holding 1,000 or more BTC) were buying than selling Bitcoin during the recent correction.
Willy Woo shares with his 718K Twitter followers that Bitcoin’s most recent downturn was not caused by whales selling their coins.
“Contrary to common opinion, that latest price pullback was not from whale selling. They’ve been in a significant region of buying.”
Contrary to common opinion, that latest price pull back was not from whale selling. They've been in a significant region of buying. pic.twitter.com/RFZe6LRG6t
The analyst shared the chart above based on on-chain data showing whale holdings growing ever since Bitcoin bounced from below $30,000 in July. Same pattern repeated after the September 7th crash.
Whales are not the only investor cohort accumulating bitcoin. According to Woo, wallets with less than 10 BTC, or “minnows,” as he calls them, continue to rise over time.
Woo also pointed out the importance for BTC reach $100,000. It would make it easier for Bitcoin to be used as a unit of account, since one Satoshi (0.00000001 BTC), would equal to $0.001.
$100k BTC is critical for sats being the unit of account. 0.1 cents per sat is something most people can grasp easily.
The analyst recently opined that Bitcoin’s current bull cycle is very different that its previous cycles. The current bull run is not going to end with one massive surge, he predicts.
“The latest stuff we can see in the data between the investors is that it’s not going to repeat, and this cycle is not a 2013 double pump and a blowoff top. This is completely different. This is the new 2020 onward cycle which we’ve never seen before… If you look on-chain, it’s a completely different structure, never seen it before…
This is very promising. We’re going to have another run and forget December sell-off which has happened every other top.”
