Bitcoin has been in demand lately, according to on-chain analyst Willy Woo. cryptocoin.com We examine who is buying BTC over $30,000.
Bitcoin analyst explains
Closely followed analyst Willy Woo says that an inconspicuous group of Bitcoin (BTC) investors could generate a new wave of strong demand for BTC. Woo told his 980,000 Twitter followers that he looked at the exchange net flows metric, which tracks the amount of Bitcoin entering and leaving crypto exchanges. According to Woo, the metric currently shows the dominance of “Exchange” outlets, showing an increase in demand and the willingness of investors to hold their BTC while they wait for the flagship crypto asset to rally. “I think BTC has been in demand lately,” the analyst says.
Woo also says he thinks institutions are behind the purchasing power, based on the amount of money that whales or assets holding 1,000 to 10,000 BTC get their hands on. “Probably institutional money,” the analyst says. The popular analyst says he uses data from blockchain tracker Glassnode to house factors like exchanges and exchange-traded funds (ETFs) to get a more accurate picture. According to Glassnode, Bitcoin balance on exchanges is currently at its lowest point in the last three years, which indicates that selling pressure for BTC has eased. According to the information received, the BTC balance on the exchanges reached the lowest level in three years with 2,505,972,824 BTC. On January 27, 2022, 2,508,534,211 BTC was observed, which is the lowest level of the previous three years.
In addition, Glassnode argues that the vast majority of all transfer volume on the Bitcoin network is dominated by enterprise-size flows, and major players are starting to take control of BTC. Here is the Glassnode explanation:
Bitcoin transfer volumes continue to be dominated by enterprise-size flows, with over 65% of all transactions valued at more than $1 million. The uptrend in institutional dominance in on-chain volumes started around October 2020 when prices were between $10,000 and $11,000.
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