Bitcoin (BTC)Crypto News

Bitcoin (BTC) hodlers capitulate to stock market turmoil BTC: on-chain analyst Willy Woo

On-chain analyst Willy Woo says the turmoil in global markets is causing crypto investors to weigh fundamentals Bitcoin disregard and sell their BTC.
Woo tells his one million Twitter followers that the start of this week’s capitulation was led by futures selling.

The trader says he’s not sure whether Bitcoin has bottomed yet or not.

“Is the floor in? I do not know. Fundamentals take a back seat to fear-driven trading. I think we don’t trade BTC, we trade macros and stocks.

The right pane is SPX [Standard & Poor’s 500 Index] Support that determines the BTC direction, the left area is the equivalent BTC support.”
Source: Willy Woo/Twitter
Bitcoin is trading at $27,042 at the time of writing. that after market capitalization The top-rated crypto asset is down more than 14% in the past 24 hours and down more than 31% in the past week.

our recommendation Bitcoin (BTC) hodlers capitulate to stock market turmoil BTC: on-chain analyst Willy Woo, Crypto Trading News

Woo notes that Bitcoin’s liquid supply shock ratio has fallen off a cliff.

“Supply shock is the ratio of coins held by holders to non-holders. Approximately 84,000 BTC moved away from hodlers…”

The analyst says a big reason for this high number is the Luna Foundation Guard (LFG), a non-profit organization formed to support the Terra (LUNA) ecosystem.

According to BitInfoCharts, the LFG has its wallet with more than 42,500 as of Monday BTC emptied to help protect their UST bond.
Check the price action

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button