- Veteran Bitcoin analyst, Willy Woo, has stated that Square and MicroStrategy buying Bitcoin is a tip of the Iceberg
- He explains that the last 8 months has seen a reduction of 250,000 BTC from exchanges
- This reduction could be ‘unannounced’ investors including high net worth individuals buying up Bitcoin
- ‘Whales like to swim together’ therefore Square and MicroStrategy are not the only ones buying BTC
In a recent tweet, Mr. Woo explained that Square’s recent buy of 4,709 BTC and MicroStrategy’s 38,250 BTC is the tip of the iceberg. This means that these two companies are the only ones publicly declaring their Bitcoin positions. It is likely other investors have been privately scooping up Bitcoin from the crypto markets.
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 signaling many other *unannounced* investors have been scooping coins off the market.
High-Net-Worth Individuals are Also Scooping Up Bitcoin
With regards to the ‘unannounced’ investors, Willy Woo postulates that it is high-net-worth individuals buying up Bitcoin and keeping these transactions private.
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. This is from on-chain data by @glassnode, de-clustering the wallet addresses to see new individuals coming in.
With respect to the latter statement above, Mr. Woo was referring to an earlier tweet (below) highlighting the upcoming decoupling of Bitcoin from the stock markets due to internal BTC adoption.
If you want to see data behind the upcoming decoupling of BTC from the stock markets powered by BTC’s internal adoption, here’s some @glassnode data. This is the active users of BTC after filtering for unique players (ignores multi wallet addresses belong to one entity). https://t.co/FvGWUUlSc8 pic.twitter.com/gEweb9vYOY
— Willy Woo (@woonomic) September 26, 2020
‘Whales Like to Swim Together’ and the Buying of BTC is Following a Similar Pattern
In his concluding remarks, Mr. Woo pointed out that high-net-worth individuals, CEOs and board members of companies have vast networks. If these networks have been looking into buying Bitcoin, high chances the majority of those in the network will follow the rest since ‘whales like to swim together’.
High net worth individuals, CEOs of companies and their board members are some of the most highly networked people in society. Whales like to swim together.