Bitcoin Sees Unprecedented Spot Buying

It’s been just revealed that Bitcoin is seeing an unprecedented spot buying these days. Check out the latest reports here.

The crypto market recently saw a new correction over the past weekend, and now things seem to be going better.

On-chain analyst Willy Woo says Bitcoin (BTC) is seeing historically unparalleled spot market demand. He said that this is happening despite the underwhelming price action that has unfolded over the last several weeks.

The popular analyst said that institutional capital is pouring into Bitcoin while BTC’s price action emulates late 2020, just before crypto markets went on massive rallies.

“Bitcoin price is sideways because Wall St is selling futures contract in a macro risk-off trade. Meanwhile, institutional money is scooping spot BTC at peak rates and moving to cold storage. It’s times like these I remember the Q4 2020 supply shock squeeze.”

Woo also believes that investors may already be looking at BTC as a legitimate safe-haven asset class given Bitcoin’s ability to avoid a complete collapse in the face of a steep stock market correction.

“BTC price holding up well while equities tank and USD Index moons is testament to the unprecedented spot buying happening right now.”

He continued and said the following:

“In other words: investors already see BTC as a safe haven. It will take time for the price to reflect. Wait for the future sells to run out of ammo.”

Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the green and the king coin is priced at 38,976.

The crypto market is currently undergoing another correction. At the moment of writing this article, Bitcoin is trading in the red just like the other important digital assets, and the king coin is priced at $38,606.

It’s been revealed that the Mexican billionaire and Bitcoin (BTC) bull Ricardo Salinas revealed a major factor that he believes makes the king coin a better store of value than gold.