The whole Bitcoin ecosystem is flashing bullish signs, according to the latest reports. The crypto market looks better today, with Bitcoin trading in the green.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $47,139.53.
Bitcoin market remains bullish
It’s been reported that the on-chain analyst Willy Woo says the entire ecosystem of Bitcoin buyers is telling him that the BTC market remains bullish.
On Twitter, woo notes that he sees an immense distribution phase playing out in Bitcoin.
“Bitcoin continues to distribute coins evenly. Publicly held and retail entities continue to gain more control of the supply while whales are reducing their control.”
He also pointed out the fact that the even distribution of BTC’s supply is good for the long-term health of Bitcoin – this promotes decentralization.
“Remember [that] the gold standard failed as a monetary standard due to centralization of the supply.”
Retail traders power the current phase of the BTC bull market
He also made sure to highlight the fact that retail traders, or entities holding less than 10 BTC, are powering the current phase of the Bitcoin bull market.
“Retail drives macrocycles. When retail stack their [satoshis] at an increased rate, like they are doing right now, it’s the fundamentals saying we are in the middle of a bull market. I repeat, middle of a bull market. Traders were in disbelief two months ago when this data was shown.”
It’s also been revealed that Woo said that whales, or entities holding at least 1,000 BTC, continue to buy the leading crypto.
“Whales think coins are cheap right now. Whales are opportunists. They’re in a decade-long diversification plan selling into every bull market, having made their money. But they do take the opportunity to buy when they see a strong rally ahead, like right now.”
Stay tuned for more news, and make sure to keep your eyes peeled on the crypto market.