Bitcoin (BTC) Witnessing Unprecedented Spot Buying Despite Sideways Trading: On-Chain Analyst Willy Woo.
02 May 2022, 08:00
Bitcoin (BTC) Witnessing Unprecedented Spot Buying Despite Sideways Trading: On-Chain Analyst Willy Woo
On-chain analyst Willy Woo says Bitcoin (BTC) is seeing historically unparalleled spot market demand despite the underwhelming price action that has unfolded over the last several weeks.
The popular analyst tells his one million Twitter followers that institutional capital is pouring into Bitcoin while BTC’s price action emulates late 2020, just before crypto markets went on massive rallies.
“Bitcoin price is sideways because Wall St is selling futures contract in a macro risk-off trade. Meanwhile, institutional money is scooping spot BTC at peak rates and moving to cold storage.