All time highBitcoin.comBTCCoinbaseCryptoquantGlassnodeinstitutional investorslong term holdersMarkets and Priceson-chain analyststrong handsWilly Woo

After BTC Slid by 14%, Onchain Analyst Says a US Based Institution Is Currently Buying the Dip

After setting a new all-time high (ATH) of $61,699 on March 13, bitcoin dropped to $53,300 on March 23, a decline of more than 14% in just ten days. However, following this latest drop, onchain analyst Willy Woo speculates that another institutional investor could be buying the dip.

Strong Hands Accumulating
In his tweet on March 23, Woo uses two charts to support his assertion, that the large volumes of coins that are being removed from exchanges, are in fact flowing to ” strong hands with minimal history of selling.” However, it is the involvement of Coinbase, which has facilitated large BTC acquisitions by U.S. entities in past, that has convinced Woo that a yet-to-be-announced institution is currently buying.
Consequently, in his warning to holders currently selling, Woo tweeted:
Anyone selling right now is cray-cray. Seriously strong long term holders are buying this dip.
However, some Twitter users reacting to Woo’s post like Twitter user “Phive26,” are unconvinced with his predictions, while others have questioned the data that is used to arrive at the conclusion that an institution is currently buying. In his tweet, Phive26 said:
“We have seen several times people mistaking internal transfers of crypto for withdrawals. How do you ensure not to bring internal transfers into your withdrawal data?”

Story continues on Bitcoin.com

Related posts
BitcoinBitcoin PaymentsBitcoin.comBTCelon musk bitcoinelon musk btcelon musk cryptocurrencyFeaturedtesla accepts bitcointesla bitcointesla bitcoin nodestesla btctesla converts bitcoin

Tesla Begins Accepting Bitcoin — Elon Musk Says BTC Payments Will Not Be Converted to Fiat Currency

Elon Musk’s electric car company, Tesla, has started accepting bitcoin payments. Musk, whose title is now Technoking of Tesla, also confirmed that all “Bitcoin paid to Tesla will be retained as bitcoin, not converted to fiat currency.” Tesla Now Accepts…
Argentinaargentina bitcoinBitcoin RobberyBitcoin.comBTC transactionscriminalLatin AmericaNewsPolicerobbery

Armed Criminals Who Posed as Bitcoin Buyers Stole Over $5K From a 26-Year-Old Man in Argentina

In-person crypto robberies are becoming a global issue lately for the authorities, and this time, Argentina is the place of the latest case reported. In Mendoza, an unnamed man was assaulted by two criminals who posed as bitcoin buyers. Identities…
Bitcoin.comPress ReleaseTimeCoin

TimeCoin’s Off-Market Token Sale

PRESS RELEASE. The Special Token Sale of TimeCoin (TMCN) was launched on February 15th, 2021, with a 93% discount on the token’s current market value. The token was launched on November 11th, 2020 on BitForex as an IEO, at an…