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- After $50 million worth of bitcoin was announced to have been acquired by the Square, a slight surge in the price of cryptocurrency throughout the market was seen by investors.
- Willy Woo saw this move by the company as an omen to what would become a whole new wave of high-powered buyers that would rush into the crypto sector.
After $50 million worth of bitcoin was announced to have been acquired by the Square company owned by Jack Dorsey of Twitter, a slight surge in the price of cryptocurrency throughout the market was seen by investors.
One analyst on Twitter, Willy Woo saw this move by the company as an omen to what would become a whole new wave of high-powered buyers that would rush into the crypto sector.
The analyst further said:
“Square’s buy of 4,709 BTC and Microstrategy’s 38,250 BTC is the tip of the iceberg. The last 8 months has seen a reduction of 250,000 BTC in the speculative stockpile sitting on exchanges signalling many other *unannounced* investors have been scooping coins off the market.”
The analyst further said that there were indicators of a wave of new buyers that were entering the crypto market as he added:
“When coins on spot exchanges drop, it’s a sign that new buyers are coming in to scoop coins off the markets and moving them into cold storage HODL, we are seeing new HODLers right now. Very macro bullish.”
The conversation then turned to big conglomerate businesses as the analyst went on to add that they are the only ones who are pushing the market in a specific direction. He goes on to add that many wealthy individuals and investors will be looking at new ways to invest their money.
BTW, it's likely much of the coins being scooped up are from many HNW individuals based on the number of new participants coming in.— Willy Woo (@woonomic) October 9, 2020
This is from on-chain data by @glassnode, de-clustering the wallet addresses to see new individuals coming in.https://t.co/gjcTjurK3H
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