According to crypto analyst and influencer Willy Woo, whale investors are scooping up Bitcoin in large quantities, which is a positive sign for BTC’s future value.
In a tweetstorm, Woo describes the recent acquisition of 4,709 BTC by Square and the 38,250 BTC investment by MicroStrategy as the tip of the iceberg. In the past eight months, according to CoinMarketCap, investors have decreased the speculative stockpile of Bitcoin on exchanges by 250,000 BTC, worth around $2.762 billion in total at the time of writing.
Most of these newly bought BTC is likely to land in possession of high-net-worth individuals.
The analyst says this is a relatively bullish trend.
This is one of the few occasions in his Bitcoin career when the fundamentals are in moon mode (on-chain data and metrics from infrastructure players), but the market has not awoken to it.
By 2021, they will be. This is a possibility that has not been seen since mid-2016.
Woo also thinks that the latest BitMEX charges are a boost for Bitcoin, unlike many observers. The U.S. last week. The Commodity Futures Trading Commission ( CFTC) reported that five BitMEX operating entities and the three founders of the crypto trading site, Arthur Hayes, Benjamin Delo, and Samuel Reed, were charged with breaching multiple CFTC laws.
In breach of the Bank Secrecy Act, the U.S. Department of Justice (DOJ) has also accused the three promoters and its head of business growth, Gregory Dwyer.
Woo says the charges for BitMEX could be beneficial for the crypto industry’s long-term health.