Retail Bitcoin Traders Are Doing Something They Haven’t Done Since March 2020, Chain Analyst Willy Woo Says

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Closely watched crypto analyst Willy Woo examines Bitcoin (BTC) retail traders and notices something he hasn’t seen since the Covid-19 crash of March 2020.

In a tweet to its 923,100 followers, Woo shares a chart showing the amount of BTC retail traders have accumulated.

According to the analyst’s chart, retail traders are buying Bitcoin’s current market correction as quickly as they did during the pandemic-induced crash last year.

“The last time retail bought the decline this hard was at the bottom of the COVID crash.

Probably nothing … “

Source: Woonomic / Twitter

Woo also shares a chart showing how Bitcoin HODLers, or holders with little history of selling, historically bought the downside and how they are doing now.

“The purchase of the visualized hollow (one-off volumes seen in a chain). This has happened, it is moderate, but the most important, so far [there are] no sign of another massive sales cascade.

It should also be borne in mind that the longs have already been rinsed. “

Source: Woonomic / Twitter

Woo’s tweets follow the channel’s analyst saying that when long-term holders (LTH) reach a peak of accumulation, BTC tends to trigger a strong rally which allows long-term holders to offload their holdings. towards a new batch of short-term securities. mandate holders.

According to Woo data, LTHs have peaked in the past few weeks.

“Long-term holders are at their peak, and so usually when we’re in that zone you have maximum build-up. These guys tend to sell in rallies.

You saw it during the last rally in October of last year, and when they run out of ammo short-term holders hold those coins, usually new low-hand investors …

We are in the strong zone which sold lower meaning they prompted to take profit. “

Bitcoin is trading at $ 47,014 at the time of writing, down 1.5% on the day and 27.5% on the month.

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