“Since mid-May, the supply of BTC on exchanges has been steadily decreasing. This is a good sign for the bulls, as the risk of mass draining is also reduced. «
“Bitcoin has not entered the bearish phase of the cycle because long-term investors continue to accumulate coins at their addresses, and the analysis of the Bitcoin blockchain suggests a reversal of negative dynamics,” said Willie Wu.
The analyst drew attention to the fact that long-term investors showed increased activity in 2021, but at some point, a large number of coins passed into “weak hands” – to speculators.
The market is now in a speculation phase, but BTC, which long-term investors sold at the beginning of the year, are gradually returning to their possession.
- Well-known analyst in the cryptoindustry Willie Wu noted that bitcoins are gradually moving from speculators to long-term investors.
- According to Wu, there is now an accumulation of Wyckoff.
- Santiment analysts drew attention to the decrease in the supply of BTC on crypto exchanges.
Peter McCormack hosted the What Bitcoin Did podcast with crypto industry analyst Willie Wu. They discussed the outlook for Bitcoin pricing and the current phase of the cycle.
McCormack noted that he did not sell a single bitcoin, because he is observing «many interesting things.»
Wu, in turn, added that the current bullish cycle is unlike any that has been seen before. The underlying structure of the market is fundamentally different from previous upward movements.
“At the moment we are seeing a downside sideways movement, which is very similar to the Wyckoff accumulation pattern. If this is the case, the price drops down for the last time to around $ 28,000- $ 29,000. According to various indicators of the Bitcoin blockchain, the value of the asset is recovering, ”Wu said.
Santiment analysts also pay attention to the end of the correction and the beginning of the market recovery. They noticed a decrease in the supply of bitcoin on the addresses of cryptocurrency exchanges.
At the same time, the volume of coins in non-custodial bitcoin wallets, on the contrary, is growing. This indicates the accumulation of BTC on the part of investors and a decrease in the risk of a massive drain of a large amount of coins.
Following # Bitcoin’s mid-May dip, the supply of $ BTC sitting on exchanges has steadily fallen back down and locked away for safe keeping by hodlers. This is a good sign for #bulls, as funds moving away from exchanges lowers the risk of major sell-offs.
– Santiment (@santimentfeed) June 30, 2021
