his take on the recent BTC price drop. In his recent post on X, he provides some insights into the current Bitcoin sell-off and why its price does not correlate with positive BTC ETF dynamics.What matters is total demand and supply.
Woo points out that while ETFs and institutions are actively buying BTC, focusing solely on ETF flows is flawed. The primary sellers, according to Woo, are the"OGs" — original BTC holders. These early adopters possess significantly more BTC than all ETFs combined, and they tend to sell during every bull market.XRP Enters Reversal Zone, $0.
In the past, Bitcoin’s price surged because only long-time holders and miners sold BTC. However, the 2022 bear market was influenced by a flood of paper BTC, despite minimal selling by spot holders. Woo notes that current conditions show periods where an increase in paper BTC does not lead to a price rally, highlighting the impact of synthetic BTC.On-chain data... derivatives data... technical price action...
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