Bitcoin’s value is on the rise, and the whole crypto market looks great today with the digital assets trading in the green.
At the moment of writing this article, BTC is also trading in the green, and the king coin is priced at $11,382.11.
Whales scoop up BTC
It’s been revealed that whales are scooping up Bitcoin is massive amounts, and this is a great sign for the future value of the king coin, according to crypto strategist Willy Woo.
Woo addresses Square’s recent purchase of 4,709 BTC and also MicroStrategy’s 38,250 BTC Investment.
He highlighted that much of the newly purchased BTC will land in the hands of whales, and this is a bullish development.
This is one of the few times in my Bitcoin career where the fundamentals (on-chain data and metrics from infrastructure players) are in moon mode, yet the market is not woke to it. They will be by 2021. This is an opportunity I’ve not seen since mid-2016.
— Willy Woo (@woonomic) October 7, 2020
He continued and said: “The market is not “woke” because price action is a very laggy indicator of fundamental demand and supply. Mania phases of a bull market is when everyone is “woke” and it’s too late. Right now, supply is being hoovered up.”
BitMEX charges could turn out positive for BTC
Unlike a lot of other analysts, Woo also said that the latest BitMEX charges could turn out beneficial for BTC.
He said that the charges could be good for the crypto industry in the long run.
Fundamentally the market is scared for all the wrong reasons.
MEX did NOT get hacked. No traders will lose coins.
Futures exchanges will clean up their practices.
We’ll see less volatility, less scam-wicking, more spot volumes, more organic moves, more institutional money.
— Willy Woo (@woonomic) October 2, 2020
Not too long ago, U.S. Commodity Futures Trading Commission (CFTC) announced that “it is charging five BitMEX operating entities and the crypto trading platform’s three founders, Arthur Hayes, Benjamin Delo, and Samuel Reed, with violating multiple CFTC regulations.”