After BTC Slid by 14%, Onchain Analyst Says a US Based Institution Is Currently Buying the Dip – Markets and Prices Bitcoin News
After Bitcoin went public on the 13th. After hitting a new all-time high (ATH) of $61,699 on March 23, it fell back to a new all-time high (ATH) of $61,699 on March 23. March at $53,300, a loss of more than 14% in just ten days. But after this recent drop, Willie Wu, an analyst at Onchain, suggests that another institutional investor could buy the fund.
Strong arms that build up
In his tweet on the 23rd. In March, Wu used two charts to support his claim that the large amounts of coins being withdrawn from the markets are actually being transferred into strong hands with minimal selling history. However, it was Coinbase’s involvement in facilitating large BTC takeovers by US companies in the past that convinced Wu that a yet unnamed company was buying.
Wu therefore issued a warning on Twitter to the owners, who are now for sale:
Anyone who sells now is an underachiever. Serious long term holders buy this sauce.
Some Twitter users responded to Wu’s post, such as. B. However, Twitter user Phive26 is not convinced by his predictions, while others question the data used to conclude that the institution is currently shopping around. In his tweet, Five26 said:
We’ve seen several instances of people accepting internal transfers of cryptocurrencies as withdrawals. How do you ensure that internal transfers are not included in your withdrawal data?
Blockchain analytics company Cryptoquant recently sparked controversy after it questioned Glassnode’s characterization of the movement of certain coins on the Gemini platform as an internal transfer.
Not a good time to sell.
Meanwhile, other Twitter users agree with Wu’s assertion that the aggressive drop of coins on exchanges is a signal that institutions are buying coins. For example, a user named Freedom Wage said:
Wow, the recent drop in coins on the exchanges is aggressive. It seems that the 60,000 mark has reached the profit target for a large portion of investors, but a large portion of convinced buyers.
Another user, Exonumia, also agreed with Wu’s warning to owners. He tweeted:
Sell it for what? Trade the hardest commodity for dollars that inflate it by 20% a year? It doesn’t make sense. There is no need to sell bitcoins. This is an ideal home for MLR and SOV. The price of bitcoin (BTC) jumped 3% after Tesla and Elon Musk announced that the electric car company will now accept payments in BTC.
Do you agree with Wu’s argument that the establishment is currently buying the sauce? You can share your thoughts below in the comments section.
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