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A close eye on cryptocurrency analyst Willie Wu looks at Bitcoin (BTC) retailers and notices something he hasn’t seen since the Covid-19 crash in March 2020.
In a tweet with 923,100 followers, Wu shared a chart showing the amount of BTC that retail traders have accumulated.
According to the analyst’s chart, retail traders are buying up Bitcoin’s current market correction just as quickly as they did during the pandemic crisis last year.
“The last time retail buys flop this much was the cause of the COVID crash.”
Wu also shares a chart showing how Bitcoin hodlers, or holders with little selling history, have historically bought flops, and how they are doing now.
“Purchase of spot volumes with visualization of the fall, visible on the network. This has been done in moderation, but most importantly, there are no signs of a further cascade of sales. It is also worth remembering that long positions have already been washed away. “
Wu’s tweets follow a network analyst who says that when long-term holders (LTH) reach a peak of accumulation, BTC tends to trigger a strong rally that allows long-term holders to dump their assets to a new group of short-term holders.
Bitcoin is trading at $ 47,014 at time of writing, down 1.5% on the day and 27.5% on the month.
Author: Anton Zaitsev, analyst Freedman Сlub Crypto News
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