Popular on-chain analyst Willy Woo Bitcoin (BTC) He believes that the driving force behind the rally could be institutions.
Woo noted that the rally recorded in BTC coincided with billions of dollars worth of stablecoins pouring into exchanges “only on business days”. stated.
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“It sounds to me like the signature of big institutions that make purchases. The timing of the entries spans around 16 hours. The 8-hour gap is Asian trading hours. This shows that Western institutions in the USA and Europe are buying.”
Koinfinans.com As we reported, Bitcoin is trading at $ 23,079 at the time of the news. BTC has grown by 40% since the start of 2023, despite being mostly sideways over the past week.
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Willy Woostates that spot market flows rather than derivatives dominate the rally.
Spot buying and lagging derivatives that move the price. This shows that long-term institutional investors come and hide via spot buying.
Woo is of the opinion that the investing institutions are “crypto funds”. According to the analyst, these institutions remained outside the bear market.
“If you are a fund, remember that you will be working with Silvergate or Signature Bank. Silvergate had a bank run and Signature cut its crypto exposure. That’s why stables have been the best places to hold USD over the past months.”
Despite Bitcoin’s price increases this year, it has dropped more than 66% from its all-time high of around $69,000 in November 2021.