Crypto analyst Willy Woo is revealing the state of the crypto market these days. Check out the most recent tweet that he dropped on social media.
Chart: Weekly net flows to small holders (of less than 1 BTC).
It’s retail that drive Bitcoin bull markets. When they stop buying, that’s a bear market warning. They haven’t stopped buying.
Last 30 days: Whales sold 4k BTC, plebs bought 31k BTC
— Willy Woo (@woonomic) July 17, 2021
Woo also noted that “Whales only drive the short term market (which is the meme that most fixate on). In the macro timescale I refer to whales, dolphins, and sharks bootstrap the start of a bull market. Plebs drive the middle and end of the bull market.”
He said that “Will’s statement is true for whales sized between 1k-10k. My data is *all whales* (holders above 1k minus the exchanges who are also “whales” in the raw data). What’s happening is large whales selling, small whales accumulating, netting to near neutral.”
Woo also made sure to point out that his definition of whales involves at least 1k.
Bitcoin’s hashrate is rising
In other recent news, Gemini’s Tyler Winklevoss points out the fact that Bitcoin’s hashrate starts to rise, and he says that few people understand the meaning of this.
Few understand this. https://t.co/rZxE9vgdXK
— Tyler Winklevoss (@tyler) July 16, 2021
According to official data coming from TrustNodes, Bitcoin’s hashrate has risen to 120 exahashes per second for the first time since it plunged last month.
Just to make it very clear, that’s more than double the recent low of 58 exahashes with the hashrate seeing an upwards trend for the past three weeks.
“That suggests a significant amount of hashrate based in China has relocated or otherwise turned back on in a fairly short amount of time,” the same notes say.