On Monday (November 9), prominent on-chain crypto analyst Willy Woo explained why he believes what he calls “new smart money” is responsible for Bitcoin’s latest bull run.
Woo, who used data from on-chain market intelligence startup Glassnode, says that he believes that High Net Worth Individuals (HNWIs) are buying the current Bitcoin rally based on the fact that “the average transaction value between investors [is] taking a big jump upwards.”
He then goes on to say that he finds it “seriously bullish” that the money flowing into Bitcoin is “NEW smart money” (i.e. from new investors who are HNWIs):
When Woo was asked why HNWIs are moving the price of Bitcoin when MicroStrategy was able to quietly buy $425 million worth of BTC, he replied that “it was the supply shock that happened before the breakout that likely did it.”
According to data from CryptoCompare, Bitcoin is currently (as of 14:22 UTC on November 9) trading at $15,320, up 0.37% in the past 24-hour period and up a very impressive 35.64% in the past one-month period.
Featured Image by “JayJayV” via Pixabay.com
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