Willy Woo, one of the most popular analysts in the cryptocurrency community, of bitcoin 40% upward movement in the first month of the year on-chain took a closer look at the data.
The famous analyst predicted what might be behind the rise of BTC as a result of the on-chain data he examined and shared it with his followers on Twitter.
This recent rally coins with a new pattern emerging of stablecoins flowing into exchanges during work days only. Seems to me like the heat signature of large institutions doing the buying. pic.twitter.com/VZuoL4de9U
— Willy Woo (@woonomic) January 31, 2023
Woo examined the stock market entry metric, one of the important indicators, to determine the reason for the rise. The crypto expert attributed the rise to institutional investors, based on the timing of cash entering the exchanges.
“There is an interesting situation for stablecoins that entered the stock market in the rally that started in January. During the month, money inflows took place during the week and in regular amounts. This behavior is pointing towards institutional investors.”
Which Institutional Investors Are Buying Bitcoin?
While the famous analyst stated that institutional investors are active again, he made another inference based on the hours of the money flow. Willy Woo enters the stock markets when the markets are open in Europe.
Based on the analyst time frame, he emphasized that European and US-based institutional investors are active, while Asians have not yet taken full action.
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