Willy Woo: The Entire Bitcoin Ecosystem Is Showing Bullish Signs
According to Willy Woo, a top on-chain analyst, the entire Bitcoin buyer ecosystem is flagging signals that the BTC market remains very much bullish.
Part of a recent series of tweets, Woo shares his 723,300 Twitter followers that he is seeing a increasing retail control phase happening 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.”
1) Most importantly.
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.
Remember the gold standard failed as a monetary standard due to centralisation of the supply pic.twitter.com/iKdjEj9oND
Even distribution of BTC’s supply is good for the long-term health of Bitcoin as it promotes decentralization, Woo explains.
“Remember [that] the gold standard failed as a monetary standard due to centralization of the supply.”
Retail traders, or entities holding less than 10 BTC, are powering the current phase of the Bitcoin bull market, according to the analyst.
“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.”
Woo also points out that whales (entities holding at least 1,000 BTC) are also continuing to buy Bitcoin.
“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.”
3) 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. pic.twitter.com/Yp731LOYJ8
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.”
