Institutions Are Buying Bitcoin, Willy Woo Says

Willy Woo just said that institutional entities are quietly buying Bitcoin these days. Check out the following reports about this below.

According to the latest reports, it seems that the popular on-chain analyst Willy Woo thinks institutions could be the driving force behind the recent Bitcoin (BTC) rally.

Woo said recently that the BTC rally coincides with a new pattern of billions of dollars worth of stablecoins flowing onto exchanges “during work days only.”

“Seems to me like the heat signature of large institutions doing the buying. Timing of the inflows spans approximately 16hrs, with the quiet zone being Asian work hours. This suggests it’s Western institutions across US and Europe.”

Woo also said that spot market flows have been dominating the rally rather than derivatives.

“It’s spot buying that’s moving the price and derivatives that are lagging. Implies that long-term institutional investors are coming in via spot buying and moving to custody.”

It’s been just reported that the crypto analyst Benjamin Cowen says Bitcoin (BTC) is setting up for a potential trend shift. It’s important to note the fact that this could result in an explosive rally similar to the one in 2019.

In a new strategy session, Cowen said the fact that three different technical indicators are converging at a key price level for Bitcoin.

As the online publication the Daily Hodl notes, the 50-week moving average is on a downward trend, and the 200-week moving average is on an upward trend. These are both moving toward one another. The two moving averages appear likely to meet at BTC’s recent high of around $25,000.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $23,510. Stay tuned for more news from the crypto space.