The massive volatility of the crypto market had a lot of investors worried. Weak hands have already sold BTC and diamond hands continue to hold.
Now, it’s been revealed that there’s a sign that is pointing out the fact that the crypto market bottom could be already in.
The online publication the Daily Hodl notes that there is new data on the amount of Bitcoin being scooped up by crypto whales and retail traders that signals the bottom is in, according to on-chain analyst Will Woo.
Woo took a close look at the flow of BTC to and from crypto exchanges, as the online publication mentioned above notes.
He said that despite sideways price action, investors might be buying coins on exchanges and sending them to private wallets at a healthy pace.
“As price grinds sideways-bearish, coins are being scooped off the exchanges at a very bullish rate…” he said.
He continued and explained that “The latest sizing of withdrawals vs deposits are at local highs at levels that signal a bottom, whales are scooping.”
Woo brings up the supply shock of BTC
Check out another relevant tweet that he dropped on social media.
Here’s another view of it, in terms of supply shock… the ratio of coins available on exchanges vs total supply (inverted so it tracks price).
Quantitative supply shock underway.
Last time I saw this, it took some time before price bounced (Oct 2020); it bounced hard. pic.twitter.com/sre0ORuwXf
— Willy Woo (@woonomic) July 8, 2021
He also addressed the supply shock of BTC.
Woo continued and explained that “IMO anyone short this market will get rekt given enough time. It’s just a waiting game until the fundamentals prevail.”
Regarding the price of BTC today, at the moment of writing this article, BTC is trading in the green and the king coin is priced at $32,633.01.