Whales Bought The Recent Dip
All the while the media and masses cry Bitcoin is dying its umpteenth death, the whales and smart money bought the dip:
Crypto Whales Bought the Recent Bitcoin Dip, According to On-Chain Analyst Willy Woo
Woo shares a chart that shows whale holdings growing ever since Bitcoin bounced from below $30,000 in July, even after the sharp downturn that happened on September 7th.
Woo adds that whales are not the only investor cohort accumulating BTC. The on-chain analyst says wallets with less than 10 BTC, which Woo calls “minnows,” continue to rise over time.
“Supply distribution of Bitcoin update.
Whales added recently. Minnows continue to stack. 10-100 BTC holders mainly flat.
Reserves held publicly reducing (mainly exchanges and exchange-traded funds reducing while corporates adding).”
The prominent analyst also has a perspective on Bitcoin reaching $100,000. According to Woo, BTC breaking the six-figure mark could have a big impact on the flagship crypto being used as a unit of account, since one Satoshi – which is roughly 0.00000001 BTC – would finally be equal to $0.01.
“$100,000 BTC is critical for satoshis being the unit of account. $0.01 cent per sat is something most people can grasp easily.”