Bitcoin In Demand Lately, Says Willy Woo
I would not be surprised to see a huge move upwards after those with deep pockets satisfy their hunger for as many satoshis as they can accumulate. Meanwhile, Bitcoin is moving towards $39,000 and may break out of this lull we have been in.
Closely followed on-chain analyst Willy Woo says that an inconspicuous group of Bitcoin (BTC) investors may be generating a new wave of strong demand for BTC.
Woo tells his 980,000 Twitter followers that he’s looking at the exchange net flows metric, which tracks the amount of Bitcoin moving in and out of crypto exchanges.
According to Woo, the metric is currently showing the dominance of exchange outflows, indicating a rise in demand and the willingness of investors to hold on to their BTC while waiting for flagship crypto asset to rally.
“I guess BTC is in demand lately.”
Woo also says that based on the amount of coins moving into the hands of whales, or entities with 1,000 to 10,000 BTC, he thinks institutions are likely behind the buying power.
“Probably institutional money.”
