New data on how much bitcoin is accumulating by whales shows a bottom has formed, according to on-chain analyst Will Woo.
Woo studies the flow of BTC to and from crypto exchanges.
He said that despite the sideways price movements, investors appear to be buying BTC on exchanges and depositing it into personal wallets at a healthy rate.
“Since the price was largely stagnant, more and more Bitcoin were drawn from the exchanges …
Source: Will Woo
The recent draw-to-deposit spread is at a local high, a sign of a bottom and whales are building their positions. “
Courting speak that these numbers imply a supply shock, with the demand for BTC being higher than the amount available in the market.
“The supply shock happens. The last time I saw this was in October 2020; before the Bitcoin surge. “
Source: Will Woo
Though it’s uncertain when the market will reverse, woo said Fundamentals were strong enough that he did not want to take short positions in the market.
“In my opinion, anyone who sells this market short will taste the bitter fruit. It’s just a wait game for the fundamentals to prevail. “
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According to Dailyhodl
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