Bitcoin In Demand Lately, Says On-Chain Analyst Willy Woo – Here’s Who’s Buying BTC Above $30,000

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Closely followed on-chain analyst Willy Woo said a low-key group of Bitcoin (BTC) investors could generate another wave of strong demand for BTC.

Woo tells his 980,000 Twitter followers that he is looking at the Exchange Net Flows metric, which tracks the amount of Bitcoin flowing in and out of crypto exchanges.

According to Woo, the metric currently shows the dominance of exchange outflows, indicating an increase in demand and the willingness of investors to hold onto their BTC while they wait for the flagship crypto asset to rally.

“I guess BTC is in demand lately.”

Source: Willy Woo/Twitter

Woo also says that based on the amount of coins in the hands of whales or entities with 1,000 to 10,000 BTC, he thinks institutions are likely driving the buying power.

“Probably institutional money.”

Source: Willy Woo/Twitter

The popular analyst says he uses data from blockchain tracker Glassnode to consider factors like exchanges and exchange-traded funds (ETFs) to get a more accurate picture.

According to Glassnode, Bitcoin’s balance on exchanges is currently at a three-year low, suggesting less sell-side pressure for BTC.

“BTC balance on exchanges just hit a three-year low of 2,505,972.824 BTC

The previous three-year low of 2,508,534.211 BTC was observed on January 27, 2022.”

Source: Glassnode/Twitter

Additionally, Glassnode claims that the vast majority of all transfer volumes on the Bitcoin network are dominated by institutional-sized flows, suggesting that the big players are beginning to take control of BTC.

“Bitcoin transfer volumes continue to be dominated by institutional-size flows, with over 65% of all transactions worth over $1 million.

The upward trend of institutional on-chain volume dominance began around October 2020, when prices were around $10,000-$11,000.

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Feature image: Shutterstock/Mia Stendal

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