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New data on the amount of Bitcoin being scooped up by crypto whales and retail traders signals the bottom is in, according to on-chain analyst Willy Woo.
Woo is taking a close look at the flow of BTC to and from crypto exchanges.
He says despite sideways price action, investors appear to 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…
The latest sizing of withdrawals vs deposits are at local highs at levels that signal a bottom, whales are scooping.”
In other trending Crypto News today: Highly Anticipated Ethereum Hard Fork Locked In for Launch!
The highly anticipated London hard fork designed to overhaul the controversial Ethereum fee structure is rolling out soon, according to a project team member.
Tim Beiko, the lead coordinator of several Ethereum upgrades, says the hard fork should land on August 4th.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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