Popular on-chain analyst Willy Woo is unveiling the critical factors keeping Bitcoin (BTC) from grinding upward and printing new all-time highs.
In a new Coin Stories interview, Woo says that he’s looking at a particular on-chain metric that tells him Bitcoin is not yet ready to rally.
“If we were to look at where we sit in terms of what I call supply shock which… I would say the ratio of coins held by these really strong holders versus more speculative hands, we’re not at the ratios that we saw in the first and second quarter before May. We’re actually climbing up there but not at the same levels where we last touched the $64,000 range. So structurally, you could say we’re not as bullish