Willy Woo says true bull market conditions are underway as spot Bitcoin ETFs open inflow pipes
According to on-chain analyst Willy Woo, the amount of new capital flowing into the Bitcoin (BTC) network suggests that the top crypto asset is in a “full-blown” bull market.
Woo tells his 1 million followers on the social media platform
“This time it should go much higher. Spot ETFs (Exchange Traded Funds) open the inflow channels significantly.
Inflows are measured on-chain so all investors are included. The accuracy is around 90%. This also suggests that ETFs currently account for around 30% of total flows.
Specifically, take the daily change in company-adjusted realized capitalization. The unit-adjusted real cap is the price paid for each BTC when it moved to current HODLers. This is a measure of the USD stored on the network.”
Source: Willy Woo/X
Earlier this week, Woo said that Bitcoin's upper price model was $337,000.
“So this bull market is still early and corresponds to $20,000 of the last cycle. The last cycle did not reach the cap due to the flood of paper BTC, which is less dominant in this cycle.”
Paper BTC are derivatives that represent Bitcoin but do not involve actual ownership of the asset.
At the time of writing, Bitcoin is trading at $72,804.
Don't miss a thing – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Generated image: Midjourney
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.