Leading on-chain analyst Willy Woo concludes that the BTC market is massively bullish, thanks to a compelling piece of data.
In a recent tweetstorm, Woo reported to his 723,300 followers that a massive distribution phase is taking place in Bitcoin.
I posted this map of the BTC supply distribution, but many asked “but what does this mean?”.
Well, it says quite a lot, this is the whole ecosystem talking to us. Since people didn’t see what I though was in plain sight, I’ll break it down and add a bit more colour.
👇 https://t.co/841A0DyBaG
— Willy Woo (@woonomic) September 13, 2021
“Bitcoin continues to distribute coins evenly. Public and retail establishments continue to have more control over supply as whales reduce their control.”
According to Woo, the even distribution of BTC supply is a good development for the long-term health of Bitcoin as it promotes decentralization (decentralization).
“Note that the gold standard has failed as a monetary standard due to the centralization of supply.”
The famous analyst also highlights that retail traders or organizations holding less than 10 BTC are powering the current phase of the Bitcoin bull market.
“Retail drives macro cycles. It is the underlying principle that says we are in the midst of a bull market as retail is accumulating their satoshi at an increasing rate as they are doing now. Again, in the middle of a bull market. Traders couldn’t believe it when this data was shown two months ago.”
Additionally, Woo says that whales or assets holding at least 1,000 BTC also continue to buy the leading cryptocurrency.
“Whales think coins are cheap right now. Whales are opportunistic. They are on a ten-year diversification plan that sells in every bull market, having earned their money. However, when they see a strong rally ahead of them, as they are now, they seize the opportunity to buy.”
Finally, Woo states that public companies are also in the midst of accumulating Bitcoin, and the supply of BTC on crypto exchanges continues to decrease.
“Public-held coins are on the rise. Companies are long-term investors. They are increasing. As long-term buyers step in, speculative stocks in the stock markets are depleted.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.