Trader and analyst Willy Woo has taken to Twitter to share a couple of Glassnode charts which show that Bitcoin is doing well despite low hashrate and China’s crackdown on miners.
The first chart he shared demonstrates a sharp rise in the Bitcoin supply held by crypto whales – owners of wallets with 1,000 – 10,000 BTC.
Bitcoin whales are accumulating the flagship crypto on the dip, ignoring the negative news coming from China and world’s central banks.
Whales:— Willy Woo (@woonomic) July 3, 2021
"Nom nom nom... BTC so yummy today." pic.twitter.com/TLoHyaJtn2
Another chart from Glassnode shared by Woo indicates a major rise in the number of Bitcoin entities. Woo adds that right now the number of BTC users has hit all-time highs for 2021.
@glassnode data: "Bitcoin user growth at all time highs for 2021"— Willy Woo (@woonomic) July 3, 2021
CryptoTwitter traders: "It's definitely a bear market" pic.twitter.com/L7kk6W4PKS