Widely followed on-chain analyst Willy Woo says that whales, or entities holding 1,000 BTC or more, bought Bitcoin during the recent correction rather than sold.
The popular analyst tells his 718,000 followers that Bitcoin’s most recent downturn had little to do with whales selling their crypto.
“Contrary to common opinion, that latest price pullback was not from whale selling. They’ve been in a significant region of buying.”
Source: Willy Woo/Twitter
Woo shares a chart that shows whale holdings growing ever since Bitcoin bounced from below $30,000 in July, even after the sharp downturn that happened on September 7th.
Woo adds that whales are not the only investor cohort accumulating BTC. The on-chain analyst says wallets with less than 10 BTC, which Woo calls “minnows,” continue to rise over time.
“Supply distribution of Bitcoin update.
Whales added recently. Minnows continue to stack. 10-100 BTC holders mainly flat.
Reserves held publicly reducing (mainly exchanges and exchange-traded funds reducing while corporates