Willy Woo, a well-known on-chain specialist, believes that institutions may be the driving force behind the current Bitcoin (BTC) increase. According to Woo’s one million Twitter followers, the BTC increase corresponds with a new pattern of billions of dollars worth of stablecoins streaming onto exchanges “during work days exclusively.”
“It appears to me to be the heat signature of large institutions doing the buying. The inflows occur over a 16-hour period, with the quiet zone being Asian work hours. This points to Western institutions in the United States and Europe.”
At the time of writing, Bitcoin is now worth $23,079 USD. The top-ranked crypto asset by market capitalization has risen about 40% since the beginning of 2023, while it has generally tracked sideways in the last week. Woo also observes that spot market flows, rather than derivatives, have been driving the rise. The price is being moved by spot purchasing, while derivatives are behind. Long-term institutional investors are pouring in via spot purchasing and shifting to custody, implying.
The crypto trader believes the investing institutions are existing crypto funds that used stablecoins to ride out the bad market. If you are a fund, remember that you will bank with Silvergate or Signature Bank. Silvergate had a bank run, and Signature reduced its crypto exposure. In recent months, stables have been the ideal location to keep USD.
Despite this year’s price advances, Bitcoin is still more than 66% lower than its all time high of roughly $69,000, which it reached in November 2021.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Chubbi
Coincu News
London, united kingdom, 22nd November 2024, Chainwire
Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…
Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…
Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.
See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…
Gros Islet, St. Lucia, 22nd November 2024, Chainwire
This website uses cookies.